One-bedroom caretaker's cottage in Palm Beach up for grabs for more than $7 million

There are no high-end finishes, or many finishes at all to speak of but that won’t detract from the $7 million-plus price guide on the beachfront property at Palm Beach owned by the Nick Scali Furniture family.

The 560-square-metre block of land has a fairly humble one-bedroom caretaker’s cottage on it, but it is the prime position on Snapperman Beach overlooking Pittwater that lends the property its most value.

The Iluka Road property was bought by Nick Scali in late 2013 for $4.43 million from a company headed up by property developer Denis O’Neil, and it came just months after the Scalis had already paid $7.5 million for the O’Neil’s designer residence on the beachfront next door.

Having purchased the seven-bedroom residence designed by architect Walter Barda, the Scalis were rumoured to be planning to undertake their own redevelopment of the adjoining block, but it seems those plans have since been reversed.

David Edwards, of LJ Hooker Palm Beach, has set a guide of $7 million to $7.5 million ahead of the planned May 18 auction.

Iluka Roads prime beachfront houses have been scoring plenty of high-end attention in recent years, including the $9.2 million late last year for the beachfront house bought by restaurant entrepreneur John Szangolies and his wife Heather.

In 2015 AC/DC guitarist Malcolm Young and his wife O’Linda paid $10.3 million for their beachfront home, and a year ago ANZ banker Steve Bellotti sold his weekender for $12.3 million.