Tide still receding at Wategos Beach, Byron Bay
The Wategos Beach beachfront house of the late Sir Leslie Froggatt and Lady Elizabeth Froggatt has finally been sold.
The British-born Froggatt bought the dress circle property (centre above) on the fringe of Byron Bay for $66,500 back in 1970, the year after he became chief executive of Shell Australia.
The 720 square Marine Parade property sold recently for $3,735,000 through Ed Silk at Ed Silk Byron Bay, inconjuction with Martin Schiller, of Savills to the Melbourne lawyer Scott Stewart, a partner at Moray and Agnew.
It was initially listed in late 2007 when the Melbourne-based businessman, a former chairman of Ashton Mining, Pacific Dunlop and the Shell Company of Australia, had $8 million expectations. After his 2010 death, it was relisted last year with $4.5 million hopes.
The house was renovated with a dated Christine Vadez design almost three decades ago.
The sale reflected $5,180 per square metre land value, with minor access issues.
Properties on either side have sold over the past five years at $12,600 and $13,700 a square metre.
The strip's record $15.68 million sale in 2006 was at $11,000 a square metre.