Former Prime Minister Paul Keating makes small fortune from car spot
Paul Keating wins the car park lottery. Picture: Tim Hunter.
Former prime minister Paul Keating has emerged the latest winner when selling his carparking space investment at a price premium amid the compulsory strata redevelopment of The Chimes in Potts Point.
The longtime local resident secured $315,000 earlier this month for his 18 sqm parking spot.
It was bought by developer Tim Price’s Time & Place (T&P), which is nearing four years into its acquisition process.
The Chimes Building at Potts Point. Picture: Tim Hunter
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The current 1964 building of studio apartments sits on less than a third of its 1284 sqm Macleay St holding, hence the redevelopment interest of T&P who lobbed an $85 million offer in 2020 for the purchase of all 80 units.
T&P lodged a concept building application last November with Sydney City Council, with the NSW Land & Environment Court to conduct an onsite conciliation conference next week.
“As a rule of thumb, any application for major works needs the consent of all of the owners of the land being developed before it is determined,” a City of Sydney spokesperson told The Sell.
There are still some 12 car spaces and 13 apartments that T&P has yet to secure in the building although it is understood a handful are under option.
Former prime minister Paul Keating. Picture: NCA NewsWire/Nikki Short
It recently settled its $400,000 purchase of the 30 sqm tandem carspace sold by London-based retired stockbroker Greg Peacock, beating out the previous $385,000 suburb record.
Its studio acquisitions have ranged between $650,000 and $1.14 million.
The priciest to date was for former Home And Away star Erika Heynatz’s top floor unit.
The Keating family trustee company paid $780,000 in 2007 for the car space along with a two-bedroom top floor apartment he retains across the road in the 1934 Selsdon block. They have other parking spots in the neighbourhood.
The Chimes complex enjoyed Labor links dating back decades through ownership of the family of the late Ingrid and Lionel Murphy, the former Australian Attorney-General. The Grassby clan were also longtime owners.
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