“They’re definitely increasing their size, they’re merging, they’re growing their real estate portfolio because they know how well real estate is doing in those areas,” Cohen says.
Woollahra’s latest purchase in Sydney’s eastern suburbs was, by Goodman’s standards, a modest addition to the $15million purchase of the neighboring mansion from Orama in 2015, as well as a neo-Georgian property from Queen Street of $8.1 million later that same year.
The Queen Street block backs directly onto Orama, creating an adjoining 1187 square meter landholding with the potential for a family resort.
The recently purchased Jersey Road cottage down the road, bought with cash, is around 200 square meters and would be for Goodman and his wife’s three sons Anna, Josh, Sam and Harry.
Although 1387 square meters is a drop in the ocean compared to the 9.7 million square meters of industrial land under management by the Goodman Group, it is an impressive real estate bank in one of the most expensive enclaves from Australia.
From Boksburg to Bondi
Meanwhile, Woolworths chief executive Brad Banducci, who last year brought in around $8.4 million in salary, appears to have developed a taste for the fresh air of the Pacific Ocean.
The supermarket king bought not one, but three ocean view apartments in North Bondi, Bondi and most recently a sub-penthouse in the luxury Kalypso development in Tamarama for $8.5million.
Hailing from the South African gold mining town of Boksburg, on the outskirts of Johannesburg, Banducci has come a long way since selling sewing machines with his father.
Banducci first bought Bondi’s Campbell Parade in 2012 – four years before becoming CEO in 2016. The three-bedroom apartment, which has views over Bondi Beach to the south of the Icebergs pool, was bought in 2012 to just under $2 million.
The supermarket boss then added another beachside bolthole to his basket, buying a two-bedroom unit on Brighton Boulevard with views of North Bondi for $2.24million seven years later in 2019.
In addition to his coastal trio, Banducci and his wife, Anna Dudak, have raised over $10.6 million from properties in Sydney’s central east.
These include a $6.85million designer warehouse in Redfern bought in August last year and a luxury apartment in nearby Surry Hills bought for $3.825million in 2013.
Billionaire Ben Buckler
Like Banducci, Afterpay co-founder Nick Molnar chose trendy Bondi as his property bank base.
Billionaire Molnar and his wife, Gabrielle, have amassed around $45 million worth of property on North Bondi’s iconic Ben Buckler promontory.
Molnar, along with Afterpay co-founder Anthony Eisen, took home $264 million in realized salary last year after humble beginnings selling jewelry online at school.
Both in their thirties, the Molnars first bought a $10 million penthouse on the North Cliff of Bondi Beach in 2019, then snapped up the two designer units below, paying a total $27 million for the triplex.
When a neighboring cream brick block of six dated units became available, Molnar added it to his Ben Buckler portfolio for $18.5 million.
The high-profile buyer’s agent, Cohen, says Molnar’s real estate games are typical of the billionaire bracket.
“I think if you’re ultra rich, you want blue chips, and there are very few blue chip streets around – if you can get in there, that’s where you want to be.”
Beyond Bondi, Molnar appears to be aiming for real estate in Southern California, with US news sites reporting that he bought a $35 million ($52 million) Bel Air mansion in Los Angeles in September — and recently put his LA penthouse up for sale for $28 million. after buying it from Friends TV star Matthew Perry last year.
The Queen of Cottesloe Mines Crosses Stirling Bridge
Former Fortescue Metals CEO Elizabeth Gaines has proven to be a savvy real estate performer, making a $1.65million gain after selling her five-bedroom Cottesloe mansion on Clarendon Street for $7.35million dollars in January of this year. Gaines and her husband, Kevin Manuel, bought the property in 2018 for $5.7 million.
For Gaines, who left the top job in August and is now a non-executive board member of Fortescue, the sale did not mean goodbye to Perth’s iconic seaside suburb.
She and Manuel quietly picked up another slice of Cottesloe before selling their large home, spending $2.15million on land on Gadsdon Street, about 300 yards from the beach in June last year.
Gaines and Manuel also expanded their portfolio across Stirling Bridge to combine seaside living with Swan River views – making the 15-minute journey to East Fremantle, where they bought a designer home from $7 million on Preston Point Road at the end of last year.
The semi-industrial four-bedroom stunner was designed by Rachel Feldhusen, of Wright Feldhusen Architects and features black American walnut flooring, exposed steel beams and polished marmorino concrete walls.
Kogan keeps Toorak in the family
Beyond the accumulation of well-performing real estate, Cohen argues that the aggregation of properties among the wealthy is also driven to meet intergenerational housing needs. “What’s the point of being successful if you can’t help your family,” Cohen said.
Such filial duty was on display when Kogan.com CEO Ruslan Kogan bought a $20 million Toorak mansion for his Belarusian immigrant parents Alex and Irene in November last year.
The Grant Avenue acquisition comes three years after Kogan paid $38.8 million for a 2,568 square meter French Provincial mansion on nearby Orrong Road – bringing the online entrepreneur’s Toorak land holdings to a just under an acre.
The CEO, who last year earned about $9 million in reported salary, started his discount online retail business in 2006 in his mid-twenties selling televisions from his parents’ garage.
After thanking his parents for their enduring support through his big real estate gesture, Kogan last year added a $13 million, 5.2-hectare weekend in the Mornington Peninsula’s Flinders, where Alex and Irene can visit their son while enjoying the indoor pool and the house. movie theater.