Sydney's Priciest Home Sold Buyer Unveiled

Sydney’s Priciest Home Sold: Buyer Unveiled

Patrick Shi, CEO of Acce Investments Group, has purchased Sydney’s historic Elaine estate for $130 million, matching Australia’s residential property price record. The expansive 6,986-square-meter waterfront property, managed by agents Brad Pillinger and Ken Jacobs, represents a significant return for its previous owners who acquired it for $71 million in 2017.

The transaction underscores the robust demand for premium Sydney real estate, with analysts noting the property’s potential subdivision into four blocks could yield over $200 million. The sale reinforces Sydney’s eastern suburbs’ position in the ultra-luxury market, with development opportunities poised to reshape local real estate dynamics.

Record-Breaking Property Transaction

A landmark real estate transaction has set new benchmarks in Sydney’s luxury property market, with the historic Elaine estate selling for $130 million in October 2024.

  • The waterfront property, spanning 6,986 square meters, was purchased by a consortium led by Patrick Shi, CEO of Acce Investments Group.
  • The sale matches Australia’s national house price record and represents a significant return for previous owners Scott Farquhar and Kim Jackson, who acquired the property for $71 million in 2017.
  • The transaction, managed by prominent agents Brad Pillinger and Ken Jacobs, underscores the continued strength of Sydney’s premium real estate sector.

Located in one of Sydney’s most prestigious neighborhoods, the property sits adjacent to Fairwater, which sold for $100 million in 2018 to Atlassian co-founder Mike Cannon-Brookes.

Meet Patrick Shi

Behind this record-breaking acquisition stands Patrick Shi, a seasoned real estate executive who has led Acce Investments Group since December 2002.

  • With a Master’s degree in International Business from the University of Wollongong, Shi brings extensive expertise in property development and investment strategy to the landmark purchase.
  • The consortium leader initially explored properties in the $100 million range before assembling a group of investors to secure the Elaine estate.
  • Shi’s professional background includes significant experience in negotiation and marketing strategy within the real estate sector, making him well-positioned to manage such a substantial acquisition.

While the CEO has maintained a relatively low public profile, his LinkedIn credentials highlight a career focused on high-end property development and strategic investment opportunities in Sydney’s premium real estate market.

Market Impact and Development Potential

While many high-end property transactions shape Sydney’s real estate landscape, the Elaine estate sale stands out for its potential market-shifting implications. The $130 million purchase price, matching the national house price record, demonstrates sustained demand for premium waterfront properties in Sydney’s eastern suburbs.

Industry analysts note that the property’s development potential could yield significant returns. With speculation about subdivision into four blocks potentially generating over $200 million, the transaction highlights the intersection of luxury real estate and development opportunities. This follows a pattern established when the previous owner JB Fairfax explored similar subdivision possibilities.

The sale also reinforces the area’s status as a premium market, with neighboring properties like Fairwater and UIG Lodge achieving comparable price points, suggesting continued strength in Sydney’s ultra-luxury segment.

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