Iconic Pearl Beach building finally sells after 525 days

After spending a whopping 525 days on the market, 1 Tourmaline Ave — the building that houses the iconic Pearls on the Beach restaurant — has finally sold for $4.2 million. 

The property is rumoured to have been purchased by well-known children’s book author Susanne Gervay, writer of young fiction book I Am Jack, a classic Australian story considered a rite-of-passage book focusing on school bullying.

Gervay previously owned the Hughenden Hotel in Woollahra, an iconic building which was once a family home, school, masonic hall, dance hall and boarding house before becoming a four-star hotel. That property was sold in 2016 for $9.5 million.

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Marketed with a price of $4.5 million, agent Stewart Shaw from Pearl Beach Real Estate had previously stated that the vendor would not accept any offers under this amount.

However the owner, a Double Bay businessman, clearly had a change of heart after accepting the offer of $4.2 million offer, which was $300,000 under his expectation.

The Pearls on the Beach restaurant.

“The vendor had an emotional attachment to the location, so wasn’t in a rush to sell,” Shaw says.

“But he was happy with the offer of $4.2 million and exchanged this morning.”

There was also previous speculation that the Pearls on the Beach business was for sale, a rumour that owner Melissa Fox strongly denies.

Shaw says that the business will continue to operate with the long-term owners.

Childrens book author Susanne Gervay is rumoured to have bought the iconic building.

The 670sqm two-storey weatherboard home features two separate two-bedroom apartments, the restaurant itself and a basement that provides multiple storerooms, a wine cellar, office retreat and parking for several cars.

In a remarkable position, the apartment is the only property in all of Pearl Beach located directly in front of the safe swimming area of the beach.

This article from the Central Coast Gosford Express Advocate was originally published as “Iconic Pearl Beach building sold for $4.2 million”.