Fund manager Angus Geddes buys Tamarama apartment
Angus Geddes, the founder of investment research publisher and fund manager, Fat Prophets has quietly bought a Tamarama apartment.
He's spent $1.45 million on a three bedroom apartment in the Glenview Court apartment block, which has dominated the hillside for five decades.
It's set to be something of a weekender for Geddes, once the building finally gets its refurbishment overseen by architect Nick Tobias.
Over time McGrath selling agent Simon Exleton has sold more than 10 apartments in the Illawong Avenue block adding he has only had to advertise three given the waiting list to buy into the forlorn looking block.
In 2011 the body corporate gained approval for two penthouses on the eight floor, which when sold for $10 million plus each, are expected to cover the costs of its much-required building upgrade.
When Sydney's most celebrated architect, Harry Seidler, designed Glenview Court in the early 1960s it was a vision of sleek urbanity, with every apartment set to be built over two levels with expansive windows taking advantage of the views over lush parkland to the Pacific Ocean.
But mid-way through construction, the developer ran out of money with Walter Rivkin then buying the project in 1965 but completing the high-rise project at a fraction of the original cost by sacrificing Seidler's design.
Tobias Partners has used Seidler's original drawings for inspiration.
Exleton said everyone is expecting the apartment to have increased in value by between $400,000 and $700,000 each.
Geddes, a Potts Point based stockbroker owns a number of investment properties, but recently advised he didn’t see a lot of value in property at the moment.
"I’m more of a seller than a buyer," he advised.
He owns commercial and residential property investments in Sydney, other states in Australia and New Zealand.
'I apply the same strategies to the property market as I do stocks: it’s a counter-cyclical, contrarian approach.
He invested heavily in commercial property right after the global financial crisis, buying quite a lot of office space in Sydney and then he went heavily into Gold Coast residential property after the property crash.
This article first appeared in the Sunday Telegraph.
