Maurice Terzini, the renowned founder of Bondi Icebergs, has listed a historic terrace in Potts Point, Sydney, which previously operated as a brothel. The property, located at 50 Kellett Street, was acquired by Terzini just last year, but he is now rethinking his plans for redevelopment.
Terzini, once hailed as the “King of Bondi,” has shifted his focus following his departure from Icebergs Dining Room and Bar and DTL Entertainment in June. This decision came amid attempts by investors to manage the repercussions of unproven allegations involving his son. Currently residing in nearby Rockwall Gardens, Terzini is contemplating a lifestyle change, prompting the sale of the nine-bedroom, seven-bathroom terrace.
From Brothel to Boutique Residence
The property, which ceased operating as “Michelle’s” — a venue offering “erotic massages” — shortly before Terzini’s purchase, is now listed with a price guide of $3.5 million. The sale is being managed by Richardson and Wrench Elizabeth Bay/Potts Point agents Jason Boon and Geoff Cox, in conjunction with Allan Levy of Metro Commercial.
Terzini initially acquired the 1880s terrace for $3.35 million, envisioning a transformation that would align with the gentrification of Potts Point. Once notorious for its nightlife, the area is evolving into a prestigious residential enclave.
Development Potential and Market Appeal
The property boasts a 147-square-meter block with rear parking and is accompanied by Development Application (DA) approved plans for an additional storey. As highlighted in the realestate.com.au listing, the property features “valuable mixed-use zoning and DA approval for conversion to 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 DA outlines a modern residence with spacious living areas, generous bedrooms, and contemporary amenities. Additionally, the property offers rear lane access to a north-facing courtyard and parking, enhancing its appeal to potential buyers.
Gentrification and Market Trends
The transformation of Potts Point from a hub of nightlife to a desirable residential area mirrors broader trends in urban redevelopment. The property next door has already undergone a multi-million-dollar architectural transformation, setting a precedent for high-end living spaces in the neighborhood.
According to real estate experts, the area’s transition reflects a growing demand for luxury residences in prime locations. The combination of historical charm and modern amenities makes properties like Terzini’s particularly attractive to affluent buyers seeking unique homes with character.
Future Prospects and Market Dynamics
As Sydney’s real estate market continues to evolve, properties with rich histories and redevelopment potential are increasingly sought after. The listing of Terzini’s Potts Point terrace highlights the ongoing shift towards high-value residential projects in historically vibrant areas.
Looking ahead, the sale of this property could set a benchmark for similar listings in the area, influencing future market dynamics and investment strategies. With its approved plans and strategic location, the terrace at 50 Kellett Street represents a unique opportunity for buyers and investors alike.
The outcome of this sale will be closely watched by industry observers, as it may offer insights into the future trajectory of Sydney’s luxury real estate market.
