A landmark mansion tucked behind an old warehouse facade has just shattered the Newtown suburb record by $750,000.
The former bakery at 198-200 Australia St with an exquisite Roman redesign sold for $5.8 million to a mystery Bellevue Hill family.
The sale price eclipses the previous Newtown record of $5.05 million — set at the end of last year when WiseTech Global exec Brett Shearer purchased a converted Masonic hall.
CoreLogic confirms the two properties are the only residential properties to have ever broken the $4m price barrier in Newtown.
The Australia St warehouse had been owned for 26 years by former 2UE and Toyota executive Bob Miller and his wife Gay.
It was on the market for a total of 497 days with The Agency’s Brad Gillespie and sold within 17 days of the guide being adjusted down to $5.8m.
Mr Gillespie said it was a phenomenal result after he and the vendors knew it would be a long process to finalise a record deal for Newtown.
While he was unable to confirm who the Bellevue Hill family were, Mr Gillespie said they would be looking to spend considerable money on renovating the building after coming out of no where to buy it.
“We did not know of them until only a few weeks ago,” he said.
The house at 198-200 Australia St is located on the corner of Camperdown Memorial Park and has seven bedrooms and four parking spaces.
Regarded as one of the largest homes in Newtown, the property is on a 530sqm block and has nearly 900sqm of internal and external space across two levels.
It was expanded in 1921 and was used to manufacture clothing until the late 1980s, when it was converted into its current format. It is a mix of high ceilings, steel beams and modern interiors, with an open-plan layout connecting most rooms.
Mr Miller and Ms Black purchased the house in 1994 for $650,000 — a remarkably high figure at the time for Newtown.
The house has played host to a number of famous guests over the years, with radio presenter John Laws just one example.
The most unique feature of the property is the courtyard and pool, with the Roman design allowing for the highest level of privacy.
It is the second big ticket factory to sell in the inner west after comedian Merrick Watts sold his converted Lilyfield warehouse to renovator Cherie Barber for around $6 million.
Additional reporting Owen Roberts