A Point Piper property has been put on the market with a staggering price guide of $37-$40 million.
And while that price isn’t unusual for the ritzy Sydney suburb, the nature of the property is: it’s a boat shed.
The boat shed sets a new Australian price record and is represented by Ken Jacobs and James Hall from luxury auction house Christie’s International, according to reports in Domain.
The holding is nearly 2000 square metres and extends over two storeys. The shed has four berths, fitting yachts up to 26 metres in size. The top storey of the boat shed has also been used as accommodation, while the property also features a waterfront swimming pool.
The Point Piper address was previously owned by the wealthy O’Neil family, with property developer and former Olympic sailor Denis O’Neil using the private marina to moor his boats.
The family bought it in 1958 for £9,000 (AU$16,132) from WWII survivors Dr Ignacy and Elvira Listwan before listing it in 2017 for $33 million.
It sold for $30 million.
The Point Piper listing comes after a boat shed on Fishermans Beach in Victoria’s Portsea sold for nearly $1 million.
The small shed sold within 15 days of listing, making it the most expensive boat shed to sell in Melbourne.
And in 2016, a converted WWII bunker - also on Portsea Front Beach - hit the market for $700,000, breaking records at the time.
Australia’s property market is currently flying higher, marking 2.1 per cent growth in February. That’s the highest one-month growth in 17 years.