Ex-telco boss James Spenceley swaps Mosman for $12 million Cremorne digs

James Spenceley looks like he’s swapping Mosman for the Cremorne waterfront. Photo Ryan Stuart

Telco-boss-turned-fund manager James Spenceley might have to rethink his prized car number plate 2088 in honour of the Mosman postcode given he has bought a more than $12 million waterfront house in Cremorne.

Spenceley, who founded Australia’s fourth-largest telco Vocus Communications in 2007, is nicely cashed-up for a home upgrade after he sold out of the telco about 18 months ago when shares were at a near record high of $8.50 as opposed to more recent trading at $2.46.

More recently Spenceley has co-founded MHOR  Asset Management and is chairman of Airtasker; although he sold his half-share of NBL basketball team the Illawarra Hawks earlier this year having bought the club out of administration in 2014 and taken it to the grand final last year.

All that remains unknown is what he and his wife Viktoria plan to do with their current home they bought in Mosman’s Beauty Point for $4.3 million in 2013.

Spenceley’s new buy on Shellbank Parade was sold by Hong Kong-based property investors Zhongxi Peng and Li Xiong Liang through Raine & Horne’s Stewart Robertson, having last traded for $8.28 million a decade ago from NAB Private Wealth’s Jason Murray.

The residence last traded for $8.28 million a decade ago. Photo: Supplied

Kolendas depart Darling Point 

The Agency’s co-founder and largest shareholder John Kolenda and his wife Milenka have cashed in their eastern suburbs real estate chips, selling their Darling Point mansion for close to $14 million.

The off-market deal comes as the couple make plans to downsize to the Clontarf beachfront, where they recently paid about $8.5 million for a house they spied while sailing past the exclusive beachfront.

John Kolenda, co-founder of The Agency, has sold his mansion in Darling Point. Photo: Jessica Hromas

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The Kolendas’ Spanish Mission home on parkside Yarranabbe Road last traded in 2015 for $7.3 million when sold by retired cosmetic surgeon Lawrence Ho and Yean Fang Jeanette Ho.

The Kolendas pocketed close to $14 million for this Spanish Mission home. Photo: Supplied

Talk of the deal said to be by The Agency’s Steven Chen and Luke Hayes coincides with a caveat on title naming the buyer to be Ho Chi Minh City-based real estate and resort developer Norfolk Group, of which the chairman is  the one-time political refugee who became a multimillionaire property developer Thanh Hoang Nguyen.

Expect to see the new owners make good already DA-approved plans for a luxury triplex.

Connell bets on Queens Park 

INXS drummer Jon Farriss has found a buyer for his Queens Park home. Photo: Riblueco

Bookie Nick O’Connell has bought his first Sydney home, paying more than $5 million for the Queens Park house of rock legend Jon Farriss and his wife Kerry.

The purchase comes just months after O’Connell and Robert Hill closed the doors on their online bookmaker platform Pinnaclebet.

Jon and Kerry Farriss sold to bookie Nick O’Connell​. Photo: Supplied​

It was sold by The Agency’s Ben Collier given the couple’s move to the Byron Bay hinterland last year.

It last traded in 2007 for $3,225,000 when sold by Newspoll founder Sol Lebovic and his wife Linda.

Paddington remake is award hopeful

The Victorian terrace, Tara, in Paddington is in the running for a 2018 Houses Award. Photo: Supplied

Nice timing for the Paddington terrace, Tara, to be shortlisted for a 2018 Houses Award after being recently redesigned by C+M Studio.

If it wins in the House Alteration and Addition over 200-square-metre category, it will be a credit to architect Megan Burns, who designed it, and hopefully boost the sales campaign of her parents, who live in it.

Ian Burns, a former Morgan and Banks director who is Asia-Pacific head for software company IActionable, and his wife Anne bought what was a block of four flats at the Woollahra end of Hargrave Street in 2014 for $2.35 million.

Architect Megan Burns designed the property with bespoke furniture in the rear dining area. Photo: Supplied

A massive rebuild behind the ornate facade followed and was completed in 2017 as the couple’s downsizer home spread over three levels and with contemporary finishes throughout.

There is a parent’s retreat on entry level privately set behind a concealed wall with a marble en suite and a juliet balcony that overlooks a stone garden with Cousin It plants atop the double garage.

The original lounge room off the entry remains, but the finishes throughout are new. Photo: Supplied

The main living area is set below street level (with a second entry) and there is a fourth bedroom that is currently a separate media room.

The marble-finished kitchen with separate walk in pantry, and concealed wet bar and pantry, comes with bespoke furniture, all of which is set overlooking the north-facing courtyard.

The art collector couple have insisted on plenty of wall space and art tracks throughout, although the concealed child-proof gates built into the wall at the staircase are more aligned with their role as grandparents. 

Standout features include the wide oak flooring; a rooftop boab tree set in the central light well; concealed pantries and ornate-style fireplace mantles as befits its Victorian heritage.

Given the result is more like a family home than a downsizer, the couple have listed it to try again for something smaller. Ben Collier, of The Agency, is asking $6.5 million.

Park life with a view for Low 

Andrew Low, who heads up the Australian arm of one of China’s largest investment banks, Citic CLSA, has upgraded his Sydney harbourside digs.

Andrew Low of Citic CLSA has traded up in Darling Point. Photo: Daniel Munoz

Good-bye to the three-bedroom apartment he bought in Darling Point’s Harnett Towers just a year ago for $4.15 million from art gallerist Richard Martin, offloaded for $4.2 million in April.

Hello to a five-bedroom parkside house overlooking the harbour, also in Darling Point, bought for about $7.75 million through Clint Ballard, of Ballard Property.

The designer digs listed in February by Tricia and Steve Stevens, who work for Shark Tank reality TV star Andrew Banks, after the couple bought the Double Bay terrace of socialite Nellie Tilley for more than $6 million.

Low purchased his new property from Tricia and Steve Stevens, who in turn have bought this terrace in Double Bay. Photo: Supplied

Swish beach piles in Palm of hand

The Palm Beach weekender known as that of property and investment tycoon Andrew Roberts is just the latest in a spate of high-end listings to hit the market in the glamorous holiday spot.

Interestingly, the property’s ownership is not held in Roberts’ name but is held in a company name of which the director is George Kostas, who heads up Roberts’ private investment company RF Capital, and the company secretary is RF Capital’s group general counsel Fiona Reed.

Buyers interested in Andrew Roberts’ Palm Beach weekender are expected to splash between $5.6 million and $6.1 million. Photo: Supplied

The two-storey residence fronting the surf has a four-car garage and was renovated in 2009. Buyers are being asked to pay between $5.6 million and $6.1 million.

It hits the market at the same time as the JPR Architects-designed residence a few doors away of Tony Maxwell, owner of the Half Moon vineyard in Braidwood, makes its market debut for $12 million.

Tony and Robyn Maxwell’s nearby property is also on the market. Photo: Supplied

The Ocean Road property was a complete rebuild by Maxwell and his wife Robyn after they bought it in 2009 for $4 million, and is now a far larger residence spread over four levels with separate living areas and must-haves like a swimming pool, gym and media room.

David Edwards, of LJ Hooker Palm Beach, has listed both of them.

The Maxwell family property is being shopped around with a guide of $12 million. Photo: Supplied

Meanwhile, up the hill Linton Morris, QC, has pocketed $5.1 million for his long-held weekender, Pacific Estate, from e-commerce fashion retail boss Chris Colfer and his wife Rochelle. The double block last traded in 1985 for $300,000, and was listed in April last year by David Mackay, of LJ Hooker Avalon.

Colfer, a former chief executive of British luxury goods brand Alfred Dunhill and board member of online fashion retailer Net-a-Porter, was appointed interim chief executive of e-commerce giant AHAlife in March.