Bondi Icebergs founder Maurice Terzini has put his Potts Point terrace on the market, a property that was previously operated as a brothel. This decision comes just a year after he purchased the property, located at 50 Kellett St, with the intention of redeveloping it.
Terzini, once hailed as the “King of Bondi,” stepped away from his roles at Icebergs Dining Room and Bar and DTL Entertainment in June. This move was part of an effort to manage the repercussions of various unproven allegations involving his son. Currently renting in nearby Rockwall Gardens, Terzini is reportedly reassessing his lifestyle choices, leading to the decision to sell the property.
Historic Property with Modern Potential
The Potts Point terrace, which Terzini purchased for $3.35 million, is now listed with a $3.5 million guide. The sale is being managed by Richardson and Wrench Elizabeth Bay/Potts Point agents Jason Boon and Geoff Cox, alongside Allan Levy of Metro Commercial. The property, dating back to the 1880s, spans a 147-square-meter block and includes nine bedrooms and seven bathrooms, with rear parking access.
Just weeks before Terzini acquired the property, it ceased operations as Michelle’s, a venue known for offering “erotic massages.” The area, once notorious for its nightlife and adult entertainment venues, is undergoing significant gentrification, transforming into a desirable residential area for affluent buyers.
Development Plans and Market Appeal
The property next door has undergone a multi-million-dollar architectural transformation, and Terzini had envisioned a similar redevelopment. The terrace comes with Development Approval (DA) for an additional storey, allowing for a modern redesign. According to the realestate.com.au listing, the property holds valuable mixed-use zoning and DA approval for conversion into a residential dwelling.
“Whether you envision a spectacular private home, dynamic live/work residence, or fantastic investment with high return, the potential here is immense,” the listing states.
The approved plans propose a stylish modern residence featuring generous living spaces, spacious bedrooms, and contemporary amenities. The property also boasts rear lane access to a north-facing courtyard and parking, enhancing its appeal to potential buyers.
A Changing Neighborhood
This listing reflects broader changes within the Potts Point area, which has seen a shift from its storied past of sleazy strip joints and all-night venues to a more upscale residential enclave. This transformation is attracting interest from developers and investors looking to capitalize on the neighborhood’s evolving character.
Real estate experts suggest that the property’s mixed-use zoning and approved development plans could make it a lucrative investment. The potential for high returns is particularly appealing given the area’s ongoing gentrification.
Looking Ahead
As Maurice Terzini navigates this new chapter, the sale of the Potts Point property marks a significant step in his personal and professional journey. The outcome of this sale could set a precedent for similar properties in the area, influencing future real estate trends in Potts Point.
Meanwhile, the real estate market in Sydney continues to evolve, with prices fluctuating and new opportunities emerging for investors and homeowners alike. The sale of Terzini’s property will be closely watched by those interested in the future of this iconic neighborhood.
