While this property might not turn many heads from the outside, onlookers definitely shouldn't judge this Lavendar Bay residence by its cover.
The art-deco palatial home found at 15 Waiwera Street has just sold for $16.5 million to Jina Chen and her husband Alex Wu, founders of vitamin supplements company Nature's Care. The record sale makes this home the most expensive to be sold on the lower north shore this year, according to Domain.
The six-bedroom, six-bathroom residence with a pool was previously a 1930's apartment block when it was last sold in 2008 for $5.3 million by Morgan Williams and Giuseppe Palumbo, founders of music label Central Station Records.
It was snapped up by interior architect and investor Christina Wood and her husband who commissioned a major redesign of the property to convert the entire block into a single home, adding a top-floor parent's retreat, internal lift, swimming pool and separate guest quarters.
The home's newest owners started Nature's Care in 1990 and last year sold a controlling stake of the business to Beijing-based private equity fund JIC Investments and Tamar Alliance Fund for $360 million.
Belle Property Mosman who listed the address won't disclose the exact sale price, but sources confirmed with Domain that the Lavendar Bay residence was let go for more than $16.5 million, just eclipsing the $16.28 million high record set in 2017 for a waterfront apartment in the same area.