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Watermark at Wategos Beach sells for $10 million

ByDavid Gordon

A Wategos Beach property on Byron Bay’s outskirt has been sold for a reputed $10 million, five years after its initial listing.

It marks a return of the far north coast NSW location as one of the priciest beachfront residential locations on the east coast of Australia.

It’s a Brisbane family who’ve bought Watermark at Wategos last week.

Watermark at Wategos consists of a residence, an apartment and two beach suites.

It sits on a 655-square-metre Marine Parade block directly opposite Wategos Beach.

The property last sold in 2005 for $5 million and was listed in 2007 after its renovation.

On a small exclusive pocket beneath Cape Byron Lighthouse, the six-bedroom, six-bathroom contemporary house’s modernisation was completed in early 2006. It was sold by publican Geoff Smith, whose tourism industry property portfolio includes Northey’s at Cronulla and The Grand Hotel on the Gold Coast.

Watermark has four bedrooms upstairs and two self-contained one-bedroom suites on the ground floor that have been available for lease. It was listed with hopes of a sale in the double-digit millions.

The two-level property was bought in 2004 from the Stone family, who bought it in 1999 from the Dwyer family. Sydney property developer Danny Goldberg set a local record of $15.68 million in 2006 for what was a somewhat dated colonial-style house set back from the beach. The Watermark holding has a 37-metre beachfront reserve frontage.

(extract taken from www.propertyobserver.com)

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