Paddington record runner-up as Mike Cannon-Brookes sells

About $10.5 million - and a suburb record runner up - has been snappily secured by the billioniare entreprenuer Mike Cannon-Brookes for his redundant Paddington home through McGrath agent Ben Collier.

Cannon-Brookes, the co-founder of Atlassian, and his fashion-design industry wife, Annie Cannon-Brookes paid $7.3 million for the Hargrave Street landmark in 2010, after it was on the market for two years.

Now with three children, they have relocated to the $12 million Centennial Park Federation trophy home, Braelin.

The landmark converted Windsor Castle Hotel was sold at a record $13 million price for Paddington last week when bought by hotelier Ben May and his wife, Lucy.

The new residence had been three years in construction by interior designer Rita Polovin and her husband, former restaurateur Peter Polovin who paid $4.3 million in 2009. At the time the hotel prices were going backwards at it fetched $5 million in 2007.

Until last week Paddington's record had stood at $7.75 million - first set in 2006 for a double terrace on Union Street and then matched when developer Stephen Dunkley sold his contemporary Goodhope Street home in 2010.

Duncan and Lynley Hardie had paid $4,625,000 in 2003 for the former House of Desks outlet, then spent $4 million plus converting the former 1907 emporium into a four-storey, but eight level trophy mansion.

This article was first published in the Sunday Telegraph.