Brisbane’s Silverwells Manors, Kangaroo Point, to be Redeveloped

Silverwells, two of Brisbane’s oldest heritage manors, in the heart of Kangaroo Point are about to be fully restored and extended and offered for sale.

Believed to be built in 1860, the transformation will take about 18 months according to the developer responsible Waterford Properties’ Mike Kavali

“They are going to be absolutely stunning – two of the most beautiful heritage homes in Brisbane, with a very unique city location” said Mr Kavali.

“Even in its current form, there’s been much interest _ people just walk through and fall in love with them.”

The grand homes are set on about 1700sq m, Each will have four bedrooms, a formal garden, 12 metre pool, wine cellar and private lift. 

The semi-detached homes, situated on Main Street, will be dripping in opulent finishes when completed and are expected to fetch more than $7 million each.

“It’s the first time the historically important properties have been offered for sale at the same time since the early 1900s,” said Mr Kavali, who revealed some potential buyers had expressed interest in buying both properties.

According to the Queensland Heritage Register, Silverwells was first owned by Sydney Merchant Joseph Thompson, who owned several Kangaroo Point properties in the mid 1800s.

Records show, tenants have numbered among Brisbane’s most successful business, legal, and political figures, including the Mayor of Brisbane in 1916.

Brisbane’s leading heritage architect Robert Riddel has been commissioned for the project

Mr Kavali said he bought the two residences 18 months ago.

“It’s like your own private oasis and yet you’ve got the whole of the dress circle of the city in your face,” he said.

Colliers International marketing agent Denise Gustafson said the market for homes above $5 million was the strongest it’s ever been.

“’For Sale’ signs went up two weeks ago and on the very first weekend, we had four lots of people call up and three inspections out of that,” she said.

“To be able to get that sort of reaction within three days is phenomenal – it’s such a unique location and unique product.”

Mr Kavali said all potential buyers so far were based in Brisbane or have had a Brisbane connection.

“The enquiry we’ve had is from couples, who want to make it the family home,” said Mr Kavali.

The project places these houses in a Community Title Scheme, with a compulsory sinking fund for their continued upkeep.

“Often the privately owned heritage buildings seem to suffer because people tend to let them deteriorate hoping they can knock them down,” said Mr Kavali.

“Considering Kangaroo Point has more heritage to preserve than any other part of Brisbane – it makes it a really special project for us.”

Hutchinson Builders are expected to commence construction by May, 2008.

The manors will sit alongside Scott Street apartments – a 12 storey exclusive development by Waterford Properties, constructed concurrently with the refurbishments.

“We are mixing the old with the new in a way that will complement and differentiate between each building in an elegant manner.” said Mr Kavali.

 

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco

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