The former head of infrastructure at the defunct global investment firm Babcock & Brown, Peter Hofbauer, and his wife, Sandy Hofbauer, have placed their designer mansion in Whale Beach on the market with a price guide of $25 million. This high-profile listing marks a significant opportunity in Sydney’s real estate landscape, particularly in the exclusive Whale Beach area, known for its luxurious properties and stunning beachfront access.
Designed by renowned architect Alex Popov, the three-storey mansion features a unique location on Whale Beach Road, where homes enjoy direct beach access. The last sale in this coveted strip occurred in 2013 when environmentalist and advertising executive Geoff Cousins sold his beachfront property for a then-record price of $13.1 million. Over a decade later, this sale still ranks as the third-highest in Whale Beach’s history.
Should the Hofbauer listing achieve its asking price, it would surpass the current record in the northern beaches suburb, which stands at $14.3 million. This record was set by the sale of an oceanfront home to chemical supplier Redox’s long-time managing director Renato Coneliano and his wife, Catherine. The Hofbauer property boasts a private stairway leading to the beach, direct access to the popular surf break known as ‘The Wedge’, an ocean-view swimming pool, high ceilings, and light-filled indoor-outdoor living spaces.
According to BJ Edwards, the selling agent from LJ Hooker, the listing is expected to narrow the price gap between Whale Beach and its affluent neighbor, Palm Beach, where the highest recorded sale reached $40 million. This price was paid by Rich Lister Ian Malouf for the Anakela property, previously owned by Doug Shears, founder of Uncle Toby’s. Edwards noted, “With just over 200 homes, Whale Beach is a tightly held enclave, so comparisons with Palm Beach are inevitable.”
He emphasized that the disparity in prices has not stemmed from lack of demand but rather from limited supply. “Properties capable of setting new benchmarks exist here, but they rarely trade. This new beachfront will change that, bringing Whale Beach’s top values in line with its neighbor,” Edwards stated.
Hofbauer, who retired in 2019 after founding and leading Hermes Infrastructure in London, is selling the property to relocate overseas. In addition to his previous roles at Westpac and PwC, Hofbauer was appointed to the board of The Crown Estate in 2022, overseeing the management of the £15 billion (approximately $30 billion) estate on behalf of the British Monarchy. The couple previously sold their home on Bradleys Head Road for $16 million in 2016.
The property is being offered via expressions of interest, closing on December 10, 2023.
High-End Developments Shape Sydney’s Luxury Market
In a related development, a yet-to-be-built penthouse in Mosman is set to challenge records for the most expensive apartment sold in New South Wales north of the harbour bridge. Priced at $30 million, the penthouse is part of the Amara project by DARE Property Group and has just launched to market through Colliers and The Agency.
Spanning 570 square meters, this whole-floor penthouse has been designed in collaboration with Fiona Lynch Interior Design. It showcases luxurious features such as travertine and oak flooring, polished plaster walls, bronze hardware, and panoramic views of the harbour.
DARE’s founder, Danny Avidan, aims to meet the rising demand for high-end amenities typically found in hotel settings. The project will provide services like concierge, home maintenance, car detailing, personal chef options, dog walking, and on-demand wellness treatments. “Our vision has always been to deliver residences that go beyond aesthetics, creating spaces that nurture well-being and longevity,” Avidan remarked in an interview with The Australian Financial Review.
This ambitious project is scheduled to commence construction in 2026, with an expected completion date in 2027. Nearby, the luxury apartment market continues to thrive, with Prosker Property’s recently sold-out Redan Lane project recording two of its seven apartments selling for over $19 million in 2024.
In Kurraba Point, Thirdi has completed the Kurraba Residences, which houses the North Shore record-holding penthouse sold for $28.2 million. Meanwhile, a luxury project currently under construction in Kirribilli is anticipated to set price expectations over $60 million.
As the luxury market in Sydney continues to evolve, these high-profile listings and developments reflect the ongoing demand for premium properties that offer not just a place to live, but a lifestyle defined by exclusivity and opulence.
