Record $5.5m For Hole In The Ground
Sun Herald
Sunday March 24, 2002
THE record price for a unit in Cronulla has been smashed by almost $3 million.
Racehorse breeder Lee Fleming and his wife Pam have paid $5.5 million for a unit at Gunnamatta Bay in southern Sydney - although the site is still just a hole in the ground.
The unit, which will have views up the bay, is in Tara, the latest of Bezzina Developers' residential projects.
The four-bedroom, two-storey unit with courtyard garden and private pool will have a rooftop terrace and garage that can hold seven cars.
The Flemings are expecting to move into their new home at the end of next year. Their house in Townson Street, Blakehurst, is on the market for $15 million. ``We are really close to a deal, but it hasn't crossed the line at this stage."
Mr Fleming said he did not hesitate to buy in Tara when the opportunity arose.
``The opportunity with Michael Bezzina's new development is perfect for us as we can add our own touches before completion of the construction.
``It has been great for us to find the quality that is usually only offered in the eastern suburbs and the city so we can remain here in the south.
``Michael's architect, Vic Lake, is one of the best in the business and the quality we can expect from him is comparable to the very best designs on offer."
The record for a Cronulla unit was $2.75 million for a penthouse at Lani a block also developed by Mr Bezzina.
``Michael Bezzina has changed the architectural face of Cronulla and, in doing so, has increased the value of surrounding property," Cronulla resident and pilot Chris Back said.
``We were once the poor relation to the eastern suburbs, but now the quality that is being built here is lifting our game and getting us some prestige.
``The south was always seen as being out in the sticks and not worthy of the many awards Bezzina has won."
In 1995, a beachside development named Tiana after Mr Bezzina's first daughter set a benchmark. The units sold for record prices. Mia was finished in 1997 and Lani named after another daughter followed in 2001.
``The success of my business is dependent on my team," Mr Bezzina said. ``The designs Vic and I have come up with were looking outside the square and we were taking quite a risk.
``I didn't want my developments to just look good on the outside; I wanted the interior to reflect an exceptional quality. Lee and Pam [Fleming] know that by coming to us now and working with us, they will get exactly what they want and the best quality."
He said Cronulla deserved to be a prestige suburb and the record prices were not surprising.
GREAT VIEWS, SECURITY, HEATED FLOORS AND SURROUND SOUND
What $5.5million buys:
* Recreational roof terrace, landscaped garden courtyard;
* Gaggenau appliances, jarrah windows;
* Key lift access and security plus programmable lighting;
* Surround sound system, computer networking;
* Heated floors, wardrobe with individual hat sections;
* A lift and rotation mechanism for the plasma TV, so you can watch from anywhere in the room or pool.
© 2002 Sun Herald