Surfboard manufacturer Barry Bennett lists Bower Street mansion for $8.75 million
Surfboard manufacturer Barry Bennett of Bennett Surfboards has listed his Bower Street mansion with an $8.75 million price guide.
Situated on 1,120 square metres, the Manly property is only metres from Shelly Beach and features private lawns with a pool and spa.
The home includes four bedrooms, three bathrooms, an Italian marble kitchen and a pavilion with a barbeque and wet bar.
The Rob Harrington and Associates-designed home also boasts heated limestone flooring and travertine terraces and bathrooms.
The property is part of the Bower Street leasehold title, owned by the Roman Catholic Church.
Listing agent Jake Rowe of McGrath Estate Agents says Bower Street properties are generally on a 17-year leasehold period, however the Bennett house has a lease until 2044 with an extension until 2061.
Property owners on Bower Street pay the Catholic Church 20% of their properties improved freehold value every 17 years, or every time their lease rolls over.
“Manly has very limited supply of houses on large blocks, so buyers generally come to Bower Street,” says Rowe.
Rowe says vendors generally sell their home 20% to 30% below freehold value due to the leasehold title.
Rowe sold another four-bedroom property on Bower Street earlier this year for $7 million plus.
Bennett's home is listed through Jake Rowe and Nathan Tse of McGrath Estate Agents.
