Story by the Australian Financial Review
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SYDNEY PROPERTY developer and former BRW Rich Lister Phillip Wolanski has added his Wategos Beach holiday retreat to a growing list of trophy homes up for sale this summer at Byron Bay.
Mr Wolanski, who owns property group Denwol, together with stockbroker and developer Lance Rosenberg acquired the 10 Palm Valley Drive property in 2007 for $3.4 million from Byron Bay Golf Club director Brian Corrigan.
The three-level, four bedroom, ocean-fronting holiday home rents out for more than $5500 a week during peak season. It last came up for sale in 2012 with a $4.5 million asking price and includes a permit for a grand home with a swimming pool.
Mr Wolanski last appeared on the BRW richlist in 2012 worth $210 million. He is a close friend of Westfield chairman Frank Lowy and was a long-time board member of Football Federation Australia.
The re-listing of his Wategos Beach property comes as Byron Bay, the southern NSW beach town favoured by hippies and hipsters, enjoys a major revival driven by cashed up Sydneysiders and Melburnians looking for a retirement home or holiday retreat.
Byron Bay house prices were up nearly 14 per cent in the year to September 2016, according to CoreLogic’s latest Regional Market Update, with almost 700 sales worth nearly $600 million. Apartment prices were up almost 16 per cent over the same period.
“Serious buyer demand has continued to ensure the top end of the market in Byron Bay remains strong,” said selling agent Liam Annesley from LJ Hooker Byron Bay.