Prestige prices rise at the Philip Cox-designed Anchorage, McMahons Point

Former Lend Lease chief executive Richard Clarke and his wife Jan have secured around $4.2 million for their McMahons Point apartment which was sold before its weekend auction.

Set in a 1984 Philip Cox-designed block, it was listed with $4 million plus hopes.

The Clarke's bought the 209 square metre East Crescent Street apartment in 1994 for $1.5 million, so the near harbourside price growth reflects 5.6% annual growth.

It's in the Anchorage marina complex of 12 apartments with views over Lavender Bay to the Harbour Bridge. Six of the partments sold off the plan in 1983 from around $355,000 and by early 1984 the other six were listed at prices between $375,000 and $440,000. There were still two for sale by 1986 by which the prices had edged up to $500,000 plus.

All the apartment had three bedrooms, two bathrooms and a double car space. The complex has a solar-heated swimming pool, a wharf, marina and boatshed.

It sold through David Howe of McGrath Northbridge.

The complex's last sale was earlier this year when a 199 square metre apartment sold through Nigel Mukhi at McGrath Neutral Bay at just under $3.9 million.

The previous highest sale was $4.1 million set in 2010, also through Howe. It first sold at $410,000 in 1984, and with four sales inbetween, the latest price reflected just shy of 10% annual growth.

There was another sale this year when $3.9 million was achieved by Graeme Cocks and wife, for their top floor apartment. It had been bought in 2001 for $2,275,000 when sold by the advertising executive Lionel Hunt and wife Judy. The top-floor 190 square metre apartment bought for $485,000 in 1985 had been renovated during the Hunt's ownership by the interior designer John Normyle. 

Despite the rush in recent sales, five of the 12 are still in original ownership.