Not all millennials have been priced out of the property market. Tech investors Alexandra and Gabriel Jakob have purchased three properties in the Sydney harbour-front suburb of Point Piper and are planning to build their new home across the three blocks.
The final block was bought by the Jakobs last week for $27 million from Wu Li, the son of a Chinese billionaire.
The 740sqm block on Wolseley Road in Sydney's eastern suburbs may be overgrown with weeds and covered in rubble but it has commanding views of Sydney Harbour, the Harbour Bridge, Sydney Opera House and the city skyline.
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While Wu Li only owned the property for a year, he still managed to make a $5 million profit despite a downturn in the property market.
The Jakobs, who co-own the Early Learning School company and start-up investment firm Hyper Capital, bought the two houses on the east side of their new property in September 2019 for $40 million and in March 2021 for at least $32 million, respectively, making the total land package worth more than $99 million.
It is believed the couple has engaged architect Bruce Stafford to design their new waterfront home and, while a development application has not yet been lodged, a well-placed source gave Domain.com.au some insight into what their new neighbours may soon be living next to.
"They can expect five to six storeys, featuring walls of glass to take in Harbour Bridge views and a swimming pool across the lion's share of its 70 metres of harbour frontage," the source said.
"What will set this house apart from every other mega-mansion is that it will include what is hoped to be the largest private gym in the country.
"[It will be] set across five levels with separate zones for weights, cardio equipment, a boxing ring, spa, sauna, a health centre with cryotherapy facilities, and a room Gabriel dedicated to his wife, known as the 'love room'.
"A rooftop tennis court has not been ruled out," the Domain.com.au source added.
Gabriel, 41, and his wife Alexandra, 40, are currently living in the $40 million waterfront mansion that they bought from Westpac director Steve Harker.
Point Piper is known as a millionaires' paradise and some of the Jakobs' wealthy neighbours include Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar, former prime minister Malcolm Turnbull and Aussie Home Loans boss John Symond.
"Once completed, and based on a description of what is planned, this will rate as one of the best houses in the world given no other country can boast its iconic view to the Opera House and Harbour Bridge," Highland Double Bay real estate agent Bill Malouf told Domain.com.au.