Canadian family forced to sell Manly home under FIRB rules

Canadian family forced to sell Manly home under FIRB rules
Canadian family forced to sell Manly home under FIRB rules

An oceanfront apartment in Sydney’s Manly, set in a boutique building of six, has been sold under the watch of the Foreign Investment Review Board. 

The price expectations for the two-bedroom apartment at 5/60 Bower Street was between $2.75 million and $3 million.

It was offloaded by a Canadian family with two kids who unwittingly found themselves in the midst of FIRB’s new rules of foreign ownership.

They were forced to sell their home of 14 years.

Set to a simply breathtaking 180 degree ocean and coastal panorama, this 168sqm oceanfront apartment evokes an ambiance of relaxed sophistication - reminiscent of a Mediterranean luxury villa. Placed in a boutique building of six, its desirable and exclusive setting is right between Shelly and Manly Beach. 

Rob is best known in his Canadian home town as the high-profile oil and gas entrepreneur who co-founded the Peters and Co brokerage in 1971 and owns the Black Diamond Polo Club.

He unknowingly bought it in contravention of the rules on foreign investment.

The couple’s apartment, and another they own in the same block, are two of 61 properties hit with divestment orders since the federal government launched its foreign investment crackdown two years ago.

“There’s the story being portrayed by Treasurer Scott Morrison to the media, and then there’s the human story behind these purchases, and the two are not the same,” Mrs Peters told Domain.

The Peters family bought their two-bedroom apartment in a block of six overlooking Fairy Bower on a leasehold owned by the Catholic Church in 2003 for $1.1 million.

“At that time the issue of the legalities of our purchase was never mentioned by our lawyers or anyone, and we were not aware we were in breach of any rules,” she said.

"We came forward as part of the amnesty,” Mrs Peters said.

Jake Rowe, of Rowe Partners Real Estate, also listed their second apartment which is now sold as well.

They were given 12 months to sell and there’s been no fine or charges laid.

Tags: 
Forced Sale

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