Art couple secure rambling Paddington terrace with Margaret Olley provenance for $2.8 million
It was hard to know just where you'd start on its renovation, but the rambling Paddington home of the late Australian artist Margaret Olley was enthusiastically sold last night to a "local art collector and painter" for $2.8 million.
That was $300,000 above the expected result by the selling agents.
There were 10 bidders after the opening offer at $2 million.
The eastern suburbs couple - who with the description given by the selling agentc could I guess just also be merchant bankers et al - bought the triangular 423 square metre property with plans to renovate and live in the terrace. The frugal Margaret Olley, who painted into her 80s, had bought 48 Duxford Street in 1964.
When I looked through the empty Duxford Street house on a recent Saturday morning open for inspection, the enormity of the task of renovation was apparent. So many nooks and crannies, but the original condition home came with marvellous high ceilings, fireplaces, timber floors and moulded cornices.
Some 15 rooms, including its famous hat factory studio, behind the original Victorian façade that falls within the local heritage conservation protections.
It was therefore a solid result from Harriet France of Harriet France Real Estate and Linda Juleff of BradfieldCleary who were always seeking $2.5 million plus.
It was great to see the terrace without heritage orders being bought by someone who will maintain the iconic nature of the longtime Olley home.
The home was recently the subject of an exhibition called Margaret Olley Homes by the Museum of Sydney which celebrated the classic terrace as a “living canvas for the late, great painter.”
The house’s most famous rooms have been dissembled and transported to Tweed Heads where she lived as a child, to be recreated at the Margaret Olley Arts Centre.
But it was nice to witness the remaining prevailing colour scheme very much intact inviting recollection of her triptych, Yellow Room.
Some 100% of the proceeds of the sale are going to the Margaret Olley Trust, which supports local artists and galleries.
