Michael Darling buys North Bondi apartment block for $14 million
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Michael Darling, the chairman of Caledonia Investments and scion of the establishment pastoral and mining family, and his wife, Manuela Darling-Gansser, have spent $14 million to buy a prized oceanfront North Bondi Beach residential building site.
The somewhat neglected five-storey apartment block – most likely to become a luxury condominium compound for the Bellevue Hill family – was recently bought from the retired IT entrepreneur Neill Miller.
Set on the rock shelf known as Mermaid Rocks on the ocean shore at North Bondi, the building now comprises 10 apartments that Miller consolidated at a cost of $14 million between 2006 and 2008.
The Art Deco 1930s Ramsgate Avenue block was marketed as the only privately owned apartment building with direct ocean access on the Ben Buckler peninsula through Martin Maskin at Raine & Horne Double Bay in conjunction with Mary Anne Cronin at Raine & Horne Bondi Beach.
It had initial $15 million-plus hopes but sold pre-auction at a then undisclosed price.
Aboriginal rock carvings are etched into sandstone near the site, which has prompted some residents to regard the whole area as a place of cultural significance, but interested parties were advised an Aboriginal archaeological and cultural heritage assessment report had concluded that any development was unlikely to have an adverse impact.
The urbane Oxford- and Harvard-educated businessman is regarded as one of Australia’s savviest investors, having sold the family’s 41% equity in the finance house Clayton Robard for about $200 million shortly before the 1987 stock market crash.
Darling, a descendent of the pioneer John Darling and the son of long-time BHP director L Gordon Darling, was a McKinsey & Company consultant in the mid-1970s. He once climbed Mount Everest as far as Camp 3.
From 1979 to 1987 he was managing director of Clayton Robard Limited, the funds management and life insurance group. In his seven years as managing director he oversaw a lift in its asset values from $3 million to $350 million.
He was also an outside director of the Australian Stock Exchange from 1986 to 1987.
He has been a trustee of the National Gallery of Victoria, a director of the Museum of Contemporary Art and chairman of Art Exhibitions Australia.
The Bellevue Hill family retains a family retreat on the Tilba Tilba coast in southern NSW. Architect Nick Tobias, of Tobias Partners, and Darling’s son-in-law, is in the box seat to undertake any new development.
Miller briefly envisaged the demolition of the building, excavation of the sandstone bedrock beneath and construction of a part three-storey, part six-storey residential apartment block made up of three units, four car spaces and two swimming pools. The plans were drawn up by Puflett Associates and Brian Myerson Architects.
During its marketing campaign, Martin Maskin said: “The ultimate would be the creation of one single residence, ranking it amongst the world’s unique homes.”
“Or there is the option to build up to five luxury apartments with vast internal and external living and entertaining areas with breathtaking ocean and Bondi Beach views.”
There are two approved plans allowing for the development to be divided into either three apartments with four internal car spaces, lift, plant room and boat house; or five apartments with lift and four external car spaces.
Mary Anne Cronin says: “This opportunity comes along once in a lifetime.
“When is there going to be another actual waterfront block of units available in Bondi? I don’t think anything like this could ever come up again.” Cronin notes.
“This is being pitched internationally as well as nationally, and I think a few interesting people will really see the value in this.
“Just about every image you see of Bondi Beach has this building in it, and Bondi is becoming bigger than the Harbour Bridge for people around the world.”
Miller moved to Sydney in the early 1980s, having started an IT database system in a garden shed in South Africa with his first cousin Derek Miller.
Since November 2010 Miller has been involved in Energy & Carbon Intelligence System, an enterprise software solution that streamlines for businesses the capture, reporting and management of environmental data such as energy, fuel, water and carbon emissions.
