Incredible transformation: From concrete shell to idyllic multimillion-dollar hideaway

The Courier-Mail | 15 October 2018

Andrew and Kate Hay at the Noosa North Shore resort-style home they rescued from ruin and turned into a resort-style property. Photo: AAP/Megan Slade.Source:News Limited

ON the banks of the Noosa River, looking out over a fortune in prime real estate, a dilapidated concrete shell sat for years awaiting its owner’s return.

Once upon a time, construction had begun in earnest on the multimillion-dollar property, but a family tragedy for the Singapore-based owner put everything else on the backburner. Eventually the “shell” at 2 Frying Pan Track on Noosa’s tightly-held North Shore was put to market and, after a few hiccups, eventually sold for a “bargain” — if you dare call $2 million a bargain.

BEFORE: The concrete shell that was the house at 2 Frying Pan Track, Noosa North Shore, before it was transformed. Photo: Lachie Millard.Source:News Corp Australia

AFTER: The finished 2 Frying Pan Track, Noosa North Shore Qld 4565Source:Supplied

Enter Andrew and Kate Hay, an enthusiastic Brisbane couple, with a nous for luxury real estate and the courage to take on an abandoned project.

“The first thing that struck me was it was two hectares of land wrapped in national park with the Noosa River right on the doorstep, amazing flora and fauna and kangaroos jumping in the yard,” Mr Hay told The Sunday-Mail.

“When I saw the building in its original state, it was really about realising the original vision which was an unparalleled piece of paradise never to be repeated.”

The couple undertook due diligence to assess what risks there were, especially around the structure and town planning laws.

“Under new town planning now you can’t build houses of this scale, 1,000 sqm is a large home in itself. So we had to go back through the town planning process and get some comfort around that and the structure.”

BEFORE: The exterior of the property at 2 Frying Pan Track before it was renovated. Photo: Lachie Millard.Source:News Corp Australia

AFTER: The exterior of the property at 2 Frying Pan Track after the renovation.Source:Supplied

AFTER: The finished product after a major renovation.Source:Supplied

With that in place they engaged professionals including Vati Projects for construction and Grow Collective for landscaping to complete the dream project, spending “multiple millions” in the process.

“It was built extremely well originally so then it was a reasonably simple exercise with a few design tweaks here and there.”

The scale of the house meant they wanted to break the home up into sections and because it was built of concrete, they added elements to tie it into nature.

“We wanted to use organic and natural materials, so we brought in a lot of natural stone, imported a lot of marble and timbers sympathetic to the landscape here.”

“Landscaping is really important because it’s all about letting the house breathe.

“We laid a lot of lawn to give it a big tropical feel, big palm trees, it feels like a big tropical resort in Hawaii.

“We wanted to build something that would last forever.”

BEFORE: Chris Holand and Jenny Van Maanberg take a tour through 2 Frying Pan Track on Noosa North Shore when it was just a concrete shell. Photo: Lachie Millard.Source:News Corp Australia

AFTER: Inside the house at 2 Frying Pan Track, Noosa North Shore, after it was renovated.Source:Supplied

AFTER: Inside the house at 2 Frying Pan Track, Noosa North Shore, after the renovation.Source:Supplied

They named it Eden — almost 17,000 sqm of waterfront land, with a sprawling five bedroom luxury home and packed with everything a modern family could possibly wish for.

Just across the river from some of Noosa’s most popular spots including the highly popular Hastings Street, it has five metre high ceilings with electronic louvred windows, ducted airconditioning that runs off a 7kw solar system, enough space to comfortably accommodate 14 people, a kids retreat, separate media room, internal courtyard, fully tiled pool, outdoor gazebo and an external shed that can accommodate two boats.

They’ve spent weeks with family and friends in the completed home “and had a really amazing time”.

“It’s so close to into Noosa and its amenities. We duck across on the boat. It’s eight minutes to dive from the ferry.”

“When you wake up here sometimes you have to pinch yourself because it’s paradise.”

BEFORE: The outside of 2 Frying Pan Track when it was a dilapidated concrete shell. Photo: Lachie Millard.Source:News Corp Australia

AFTER: The transformation of 2 Frying Pan Track, Noosa North Shore, is amazing.Source:Supplied

AFTER: The outdoor entertaining and pool area at the property after the renovation.Source:Supplied

Mr Hay believes a very astute buyer would snap it up “because in the long run, they are going to be served very well by the property”.

Their real estate agent Adrian Reed was astounded at the end result: “You can’t actually find a home of this scale in a normal residential position. You’d generally have to push beyond residential.”

He has the property up for sale by tender, applications for which close 5pm on Friday October 19. “This never to be repeated opportunity is arguably one of Noosa’s most iconic properties.”

For the Hays it’s going to be satisfying seeing a family enjoy their hard work.

“What would make us most happy is to see this go to a buyer that will really enjoy it for years. We’ve been able to stay here and really enjoy it ourselves. We’ve had friends and family up through the school holidays. We love the Noosa lifestyle up here and one day we’d love to make this area a permanent home.”

RENO FACT CHECK:

Time taken: About 12 months

Total spend: $2m plus

End valuation: Not disclosed

AFTER: The master bedroom and ensuite in the home at 2 Frying Pan Track after the renovation.Source:Supplied

AFTER: The impressive kitchen at 2 Frying Pan Track, Noosa North Shore, post renovation.Source:Supplied

Originally published as From concrete shell to this!

FORMER Aussie cricket captain Michael Clarke, who has done his fair share of real estate deals, has come in to bat for Noosa.

The Courier-Mail | 20 September 2018

FORMER Aussie cricket captain Michael Clarke, who has done his fair share of real estate deals, has come in to bat for Noosa.

Mr Clarke, who was in Noosa last night for the launch of a new business on the Sunshine Coast, says good advice can be a game-change.

He recommended buyers seek out professional support before putting their cash to work in real estate.

He made the comments at the official launch of realty firm Reed & Co in the tourism and property hotspot.

More than 150 people were at the party hosted by award-winning agent Adrian Reed, including Clarke, Anthony Bell – celebrity accountant, and television presenter Kelly Landry.

Mr Clarke said there were similarities between business and sport.

“You need good advice, guidance and great people to support you in making the right decisions,” he said.

Mr Bell told the crowd that he and Ms Landry fell in love with Noosa after visiting for the first time in 2017 – so much so they bought home worth more than $10m there.

“My wife and I have travelled extensively throughout the world and we just love Noosa,” he said. “Our children adore it too.”

The Bell founded charity, The Loyal Foundation, received $6000 donation on the night courtesy of a generous auction bidder who won a five-hour luxury experience including a private return Ghost Air helicopter trip from Noosa to the Bribie Island Sandstone Point Hotel for four people.

Originally published as Michael Clarke bats for Noosa real estate

Aussie cricket legend opens for ‘rich and famous’ Noosa agency

REB | 11 September 2018

Former Australian cricket captain Michael Clarke will be the keynote speaker at the launch of a new and independent agency in the tourism and property hotspot of Noosa on the Queensland Sunshine Coast.

Former Australian cricket captain Michael Clarke will be the keynote speaker at the launch of a new and independent agency in the tourism and property hotspot of Noosa on the Queensland Sunshine Coast.

Agent Adrian Reed is the principal of the new office, Reed & Co, which will open its doors on 19 September.

Mr Reed said that he was delighted to have Michael Clarke’s support.

“I know Michael is passionate about property and he is also supportive of ventures which strive to achieve high performance,” the principal said.

“Reed & Co has been established to be a game-changer in the Noosa property sector, and there is nowhere more exciting in the Australian real estate market at the moment than Noosa.”

Mr Reed said that the latest REIQ data showed that Noosa had eclipsed both Brisbane and the Gold Coast as the strongest property market in Queensland.

“Not only is the region the home of the rich and famous and offers an enviable lifestyle with great weather, food, coffee, beaches and rainforest, it is the hotspot for property.”

Mr Reed said that Reed & Co is a digitally focused real estate company, with $25 million in listings already.

“Reed & Co will be filling a gaping opportunity to lead the regional real estate market globally, making greater use of technology to connect with customers while maintaining cost-effective digital and traditional marketing.

“Our new high-performance agency will be a trailblazer in the regional real estate sector and offer customers a highly personalised experience.”

He said that Reed & Co would collaborate with like-minded businesses for the benefit of customers.

“We will be sharing our office space with these businesses who are in property finance, marketing and other related sectors and supporting one another’s clients and aims.”

The Reed name is synonymous with real estate in Noosa spanning multiple generations.

The launch of Reed & Co will include an auction to raise funds for the Michael Clarke-backed charity, the Loyal Foundation.

Published By – REB

Buyers lining up for rare Noosa waterfront acreage

News.com.au | 11 September 2018

A RARE Noosa waterfront acreage home that’s more luxury resort than house already has buyers booked to fly in for inspections just days after listing.

Called Eden, the 1.61 hectare property is in North Shore, about 700m by boat across the Noosa River from the Spit and the popular Hastings Street area.

Agent Adrian Reed, who’s marketing the property with Reed and Co colleague Darren Neal, told The Courier-Mail that the property at 2 Frying Pan Track was not just a premium size but in a premier position.

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“It’s new to market and we’ve certainly got inspections lined up already. We’ve got people flying in to inspect the property so it’s really exciting. We’ve seen some strong interest. This sort of marquee position doesn’t come up often.”

Interest has come out of Queensland, Melbourne and internationally, he said.

“It’s set on the bank of the Noosa River, near the rivermouth so it’s protected in the river but literally only just across the water from Noosa central and Hastings Street and all that Noosa has to offer there. It has the privacy and scale that feels like a resort yet the convenience of being close to all the things people love about Noosa.”

Among the home’s features were five metre high ceilings with electronic louvred windows, ducted airconditioning that runs off a 7kw solar system, over 1,000 sqm under roof with enough space to comfortably accommodate 14 people, a kids retreat, separate media room, internal courtyard, fully tiled pool, outdoor gazebo and an external shed that can accommodate two boats. The current owners drive their boat from the beach to their backdoor.

With almost 17,000 sqm of land, the five bedroom, four bathroom, five car space house was great for privacy, he said.

“It’s one of its most profound features. You can’t actually find a home of this scale in a normal residential position. You’d generally have to push beyond residential.”

“This is an interesting mix with more than enough room for friends and just across from popular (Noosa sites).”

The house is for sale by tender — applications for which close at 5pm on October 19.

“This never to be repeated opportunity is arguably one of Noosa’s most iconic properties,” was how Mr Reed listed the home.

Noosa’s North Shore has seen its median house price almost double in five years, according to CoreLogic.

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Originally published as Buyers lining up for rare Noosa waterfront acreage 

Re-Published By – News.com.au

Why Noosa is now the strongest property market in Queensland

Domain | 10 September 2018

Noosa is on track to take out the title of Queensland’s best performing property market for 2018, as new figures reveal it has delivered the strongest growth in the state over the past 12 months.

Noosa’s growth eclipsed that of both the Gold Coast and Brisbane, according to data from the Real Estate Institute of Queensland, making it Queensland’s most prestigious property market.

Home to the Sunshine Coast’s rich and famous, Noosa has long been sought after for its pristine beaches, heritage-listed rainforests and low density, boutique lifestyle.

But in the 12 months leading up to June, demand in the area reached new heights – the median house price grew 6.9 per cent to $695,000 and units by an impressive 10.2 per cent to $540,000.

It has been a heady year for the Noosa region – earlier this year a $22 million Sunshine Beach trophy home made headlines when it set a new record for the Sunshine Coast.

By rights, as one the biggest real estate deals in Queensland in recent years, the house at 21-23 Webb Road — a seven-bedroom, eight- bathroom beachfront estate — should have been a jaw-dropping, albeit rare, headline-stealer.

But Noosa was already up in lights. Less than two weeks earlier, Pat Rafter’s $18 million beachfront mansion had gone under contract.

REIQ chief executive Antonia Mercorella said Noosa had all the ingredients for price growth.

“This is a highly desirable part of the world, with stunning natural features, world-class beaches, beautiful climate year-round, outstanding shopping and dining precincts, and, crucially, exclusivity,” she said.

“There is limited housing supply being added to Noosa and competition is obviously driving price growth.

“Looking forward, once the Bruce Highway upgrades are completed and commuting to Brisbane becomes more feasible, it’s likely we’ll see added demand for Sunshine Coast living.

“This area would benefit from greater supply levels, undoubtedly.”

Local prestige agent Adrian Reed of Reed & Co Estate Agents said Noosa’s success was not simply the result of cashed-up Sydney buyers.

Instead, he said, the region’s infrastructure boom was driving a shift in demographic of Sunshine Coast buyers.

“Billions of dollars have been invested, including transport, tourism and medical sector … the stimulus for growth on the back of these projects is reshaping the traditional buyer profiles,” he said.

Mr Reed brokered a record-breaking deal for a Noosa North Shore house last year that made headlines around the country for being Australia’s most unique beachfront estate.

The house was snapped up by a mystery buyer in a deal worth more than $10 million and Mr Reed said the momentum of the market had shown no signs of slowing down since then.

“I’ve just listed another incredible Noosa North Shore property at 2 Frying Pan Track and the interest has been very positive with buyers from interstate and internationally,” he said.

“Access to international travel and upgrades to digital infrastructure is enabling younger wealthy industry leaders and expats to buy in Noosa with confidence.

“This has already had a positive knock on effect to the luxury property market in Noosa.

“When you couple this with traditional upward pressure from baby boomers capitalised from southern markets making a lifestyle transition, it’s creating great selling conditions for Spring.”

The rest of the Sunshine Coast region delivered similarly strong results for the year to June 2018.

Overall, the Sunshine Coast local government area grew 6.5 per cent to a median house price of $575,000.

Previous frontrunner the Gold Coast continued its trajectory of strong growth, with the median house price increasing 4.5 per cent to $622,031.

“This is not a completely unexpected result in the post-Games period as we see normal activity resume,” Ms Mercorella said.

The Gold Coast is the biggest apartment market in Queensland, selling more than 10,000 units in the 12 months to June 2018.

It was also one of the few unit markets in Queensland to deliver positive growth, adding a slender 0.9 per cent to values to a median of $429,000.

Published By – Domain

Kay & Burton dominated the Mornington Peninsula property market in the last financial year, selling the most properties, with total sales of $270 million.

“It’s been a massive year at Portsea and Sorrento,” says Kay & Burton Porstea Director Liz Jensen.

“It’s been better than 2016-17, and we’ve had as many sales in winter as in summer.”

“In-season” sales from November to March were $60,817,500.

“Out-of-season” sales from July to October and April to June accounted for $68,334,750.

The average sale price was $2.189 million.

From multi-million-dollar clifftop stunners to much-loved old holiday homes, and one-bedroom units, Kay & Burton had the market covered.

At the top end of the market, 3808 Point Nepean Road Portsea, a clifftop residence on approximately 2,000 square metres with swimming pool, views over the water and private steps down to the beach, sold for more than $13 million.

A fully renovated French Mediterranean- style home with four bedrooms, and four bathrooms at 3732 Point Nepean Road, Portsea, fetched more than $6 million.

But sales were not only at the top end of the market. In March, a four-bedroom, much-loved and tightly held beach house at 8 Grandview Avenue Rye sold for $680,000. An iconic beach house, surrounded by ancient Moonah trees at 4 John Bertram Drive, Sorrento, sold for $786,000 in May this year.

All of which shows that for all homes and in all seasons, vendors prefer Kay & Burton.

Back in the 60s a woman screamed at Bob Menzies, "Wotcha gunna do ‘bout 'ousin’?" "I'd put an 'h' in front of it," was his swift reply. Our housing obsession is ingrained and this week we take a look at the history of interest rates.

At an early sixties election rally, a woman screamed at Bob Menzies, “Wotcha gunna do ‘bout ‘ousin’?”

“I’d put an ‘h’ in front of it,” was his swift reply.

Their exchange took place over fifty years ago, when interest rates were at record lows. The fact that people were complaining even then, shows how obsessed Australians have always been about ‘ousin’ affordability.

Interest rates and inflation usually move in opposite directions. The RBA uses this relationship to keep inflation under control—if inflation is high, they raise rates to cool demand. The below graphic shows mortgage rates since the 1960s. Notably, they average around 8% — nearly twice today’s.

Throughout the sixties, Australian mortgage rates were in the region of 5% and helped the 1970s economy begin strongly. But, a potent mix of the 1973-74 OPEC oil shocks and the Whitlam Government’s inflationary policies, saw mortgage rates take the fast elevator to 11% by 1974.

Soon, came the Decade of Greed — excess, easy credit and market liberating Reaganomics. High interest rates were used to slow the asset price boom before years of speculation ended in tears. Bondy landed in jail and Skasey malingered in his wheelchair. By June 1989, rates were a bruising 17%. The economy tanked in ‘the recession we had to have’ and most of the nineties were spent unwinding these excesses with rates around 8%.

The 1997 Asian financial crisis and the dot.com bust of the early 2000s, saw rates dip to 6% as the RBA scrambled to stimulate the economy. Then, just as the mining boom kicked off, the GFC gutted the global economy. Banks were lending at what was dubbed ‘crisis levels’ of around 5%.

And here we are now in a low growth, low inflation, flat wages economy. Heady debt levels are being fuelled by four years of phenomenal house growth. Today’s 4.5% rate is based on the RBA cash rate of 1.5%.

Will banks move soon to raise rates themselves, to meet rising funding costs? Watch this space.

Discover Prahran’s Sum of Us: a holistic health and wellness studio where science and aesthetics combine.

Fed up by the stark and clinical feel of so many remedial health facilities and gyms, in 2016 the four physiotherapists who founded of Sum of Us decided to leave their traditional practice, and create their own health and wellness studio in Prahran.

Combining their Western foundations and qualifications with more Eastern philosophy, the result is an urban sanctuary that offers a holistic approach, with services including physiotherapy, myotherapy, pilates, yoga, HIIT classes, podiatry, dietetics, meditation and massage. There is also a wholefoods cafe with a menu designed by an in-house dietician. All intolerances are well-catered for, and it is hard to beat an apple pie bircher pot after a demanding Reformer session.