Atlassian billionaire Scott Farquhar withdraws $37m plans for Double Bay mansion Elaine

Atlassian’s Scott Farquhar has quietly pulled the $37 million renovation plans on Elaine. (AAP Image/Dan Himbrechts)

Atlassian billionaire Scott Farquhar has quietly pulled the $37 million renovation plans he’d unveiled with fanfare earlier this year for his Double Bay trophy estate, Elaine.

Farquhar and wife investment banker, Kim Jackson had local ­architects pitch for the design project, but went with a striking three storey concept with a translucent curved facade from Lazzarini Pickering Architetti, a Rome-based practice headed by expatriate ­architect Carl Pickering.

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Incredible home has 9-hole golf course and 6km beach

The grand mansion Elaine. AFP PHOTO / PETER PARKS

While they await the new plans, approvals, and an estimated two-year build, Farquhar and Jackson, who heads Skip Capital, are holed up in their $16.25 million Bellevue Hill in-between acquisition.

It was three years ago that they paid $71 million to John B. Fairfax for the estate on Seven Shillings Beach, with the deal now ranked as Sydney’s third most expensive.

Their plans were released to media prior to their lodgement at Woollahra Council, which adjoins Elaine on its southern side via its Blackburn Gardens. The application didn’t even progress to the formal advertising in the Wentworth Courier for objections from the public, before it was pulled.

The cancelled plans look very different to this. AFP PHOTO / PETER PARKS

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But when the revised proposal does lob, Farquhar will likely have taken steps to have run it past all the interested neighbours. The other key party being his business partner, Mike Cannon-Brookes who spent $100 million next door on Fairwater in 2018 with his wife, Annie.

The Sell envisages the very edgy proposal for a rooftop tennis court will have been ruled out.

There’s always returfing the ­existing lawn court on the 7000sqm estate.

Atlassian’s Scott Farquhar and Mike Cannon-Brookes (AAP Image/Dan Himbrechts)

There are only a dozen or so harbourfronts elsewhere in the east that come with a court, starting with the Paspaley family in Elizabeth Bay through to the Boyer family at Watsons Bay.

They include Edgewater, the Wolseley Rd, Point Piper sold earlier this month for a repu­ted $95 million by the founders of the Katies retail clothing chain Joe Brender and the late Sam Moss.

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Mike Ashley’s Frasers Group saves 922 jobs in £37m DW deal | Business News

Mike Ashley’s Frasers Group has bought some assets of DW Sports out of administration in a £37m deal, saving 922 jobs.

The sports retailer and gyms group collapsed earlier this month after its income was wiped out during the coronavirus lockdown.

Mr Ashley, the Sports Direct tycoon and Newcastle United owner, has acquired 40 leisure clubs and 31 shops in the deal announced on Monday.

Mike Ashley’s Frasers Group is founded on the tycoon’s Sports Direct chain

A further three clubs currently unable to reopen due to COVID-19 restrictions have also been transferred to Frasers.

But the transaction does not include the name of the business – which was founded by Dave Whelan, the former Wigan Athletic owner who was once Mr Ashley’s rival in the sportswear sector.

Administrators BDO said that at the time of its collapses, DW Sports operated 72 leisure clubs and 50 retail outlets across the UK, employing 1,800 people.

It had already shut a number of stores prior to the administration while it “became necessary to close a further 19 outlets and 29 leisure clubs” since then, BDO said.

But some of those “may additionally be reopened… in due course” by the new owner, the administrator added.

Graham Newton, business restructuring partner at BDO, said: “We are pleased to have achieved a sale of a significant part of the DW Sports business as a going concern, as this will not only secure employment for the majority of employees, but should also result in a return to the Company’s creditors in due course.”

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Frasers said the business would be developed under the Everlast brand that it already owns.

The group, centred on Mr Ashley’s Sports Direct chain, is aiming to become more upmarket under an “elevation” strategy.

It changed its name to Frasers Group following the acquisition of struggling department store chain House of Fraser, also bought out of administration.

The price of the DW deal could rise to £43.9m if Frasers eventually acquires some leaseholds as part of it.

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It said: “Frasers group looks forward to elevating the gym and fitness assets acquired pursuant to the transaction under the group’s existing iconic Everlast brand, and is also pleased to have saved a number of jobs.”

The deal adds to a series of acquisitions of brands by Mr Ashley including Jack Wills and Evans Cycles.

Last week, Frasers reported a slump in annual profits of nearly 20% as the coronavirus lockdown took its toll and warned of further closures of House of Fraser sites – but also issued an optimistic outlook for earnings in the coming year.

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