property Archives - Double Bay Today

A prominent creative director has become the new owner of one of Double Bay’s most coveted waterfront properties, purchasing the historic sandstone mansion at 21 Gladswood Gardens for $20 million.

Beau Neilson, aged 38, completed the purchase in July through agents Pauline Goodyer of Goodyer Real Estate and Michael Pallier of Sotheby’s, with the sale now officially settled. The transaction marks a significant addition to the local property market, representing one of the area’s most substantial residential sales this year.

The five-bedroom estate sits on an impressive 978-square-metre block and boasts a rich local history as the former coach house of the original Gladswood Estate. The property had been held by the MacMahon family for more than four decades, having originally purchased it for $782,000 in 1983.

Neilson, who is the daughter of billionaire philanthropist Judith Neilson and fund manager Kerry Neilson, brings impressive credentials to the Double Bay community. She currently owns The Vanguard, a popular live music venue in Newtown, and previously served as creative director for Phoenix Central Park, her mother’s free music venue, until last year.

The property purchase comes as Neilson prepares to sell her current Chippendale residence, a converted warehouse known as The Pigeon Shed. She had transformed the 324-square-metre industrial space into a five-bedroom, four-bathroom home with the help of MCK Architects, complete with an indoor pool, studio and gallery spaces. The Chippendale property is currently listed with a $19 million guide through BresicWhitney.

The Double Bay waterfront estate had previously been under contract for $21 million over a year ago, but that sale collapsed when the prospective buyer, reportedly an expatriate, was unable to sell their Hong Kong property to complete the transaction.

Buyer’s agent Tom Penfold from Cohen Handler, who secured the property for Neilson, indicated that his client was immediately drawn to the estate’s character and potential. The new owner is expected to undertake sympathetic renovations while preserving the property’s historic charm before moving in.

The sale adds to Double Bay’s reputation as one of Sydney’s most desirable waterfront locations, with the suburb continuing to attract high-profile residents seeking luxury harbour-side living combined with convenient access to the area’s renowned shopping and dining precincts.

The transaction demonstrates the ongoing strength of Sydney’s premium property market, particularly for rare waterfront holdings in established harbourside suburbs.

Published 11-August-2025

A prestigious waterfront mansion in Double Bay has finally found a new owner after a dramatic 15-month journey that saw the initial sale collapse, leaving the vendors $2 million out of pocket.

The historic sandstone residence at 21 Gladswood Gardens, originally the coach house of the renowned Gladswood Estate, has sold for $20 million after an earlier agreement for $22 million fell through last year.

The five-bedroom property, sitting on a substantial 978-square-metre waterfront block, had been home to the MacMahon family for more than four decades after they purchased it in 1983 for $782,000 – a sum that seems almost quaint by today’s standards.

The property’s winding path to sale reflects some of the challenges facing Sydney’s premium property market. The initial buyer, an expatriate, was unable to complete the purchase due to complications with selling their Hong Kong property, leaving the vendors back at square one despite having agreed terms over a year ago.

Cohen Handler buyer’s agent Tom Penfold stepped in to secure the property for his eastern suburbs client, capitalising on the reduced asking price. According to Penfold, his client was immediately taken with the property’s character and potential.

The new owner, described as appreciating both the building’s heritage charm and untapped possibilities, plans to undertake sympathetic renovations whilst preserving the property’s historic sandstone character. Sources close to the sale indicate she intends to move into the residence following careful restoration work.

This Double Bay transaction mirrors a similar situation in neighbouring Vaucluse, where another high-end property has experienced comparable setbacks. The residence at 31 Vaucluse Road, previously owned by investor William Wu, also saw an initial sale agreement collapse before eventually selling for approximately $3 million less than originally agreed.

Wu and his property developer mother Jing Wang assembled an impressive $100 million portfolio across the eastern suburbs in 2021, including the Vaucluse property which they acquired for $13.32 million. The six-bedroom mansion, featuring seven bathrooms and an eight-car garage on an 879-square-metre block with harbour views, initially carried a $23.8 million guide in 2023.

After exchanging at around $24 million, that deal also fell through, with the property eventually selling through Bradfield BadgerFox agents Alexander George and Peter Leipnik for approximately $21 million to a local buyer.

These cases highlight some volatility in Sydney’s luxury property market, where high-value transactions can be particularly susceptible to buyer financing issues and international market conditions. Recent analysis suggests Sydney’s eastern suburbs property market is experiencing low volume but rising demand in 2025, with the biggest uplifts concentrated in North Sydney, the eastern suburbs and the inner west.

Domain forecasts that house and unit prices will rise by 4-6% in Sydney in 2025, up from the 3.2% increase posted in 2024 but down from approximately 10% in 2023, suggesting the market may be entering a more stable phase.

For the MacMahon family, whilst the final sale price was $2 million below their initial agreement, the transaction still represents a remarkable return on their 1983 investment, reflecting the enduring appeal of Double Bay’s premier waterfront locations.

The sale reinforces Double Bay’s position as one of Sydney’s most sought-after addresses, where historic properties with harbour frontage continue to attract buyers willing to pay premium prices, even in challenging market conditions.

Published 28-July-2025

Tag: property

Local Creative Director Secures Historic $20m Waterfront Estate in Gladswood Gardens

Double Bay Waterfront Mansion Sells for $2M Less After Initial Deal Collapses