Student housing boss buys $50m Bellevue Hill mansion

Investing in student living appears to be a lucrative business.

Stephen Gaitanos, the co-founder of Scape Australia, and his wife, Emma, have emerged on settlement documents as the buyers of a $50 million six-bedroom mansion in Bellevue Hill, upgrading from their $4.2 million five-bedroom Hunters Hill home purchased in 2018.

Stephen, a former Morgan Stanley investment banker, co-founded Scape Australia in 2013 with Craig Carracher, a former lawyer to Kerry and James Packer. Scape offers purpose-built student accommodation in 38 buildings across Sydney, Melbourne, Brisbane and Adelaide.

Scape’s rebranded parent business is The Living Company and also encompasses build-to-rent homes, affordable housing and retirement living. In June last year, Scape bought retirement village operator Aveo for $3.85 billion, as reported by The Australian Financial Review.

A caveat showing the Gaitanos family’s latest purchase was lodged on title last year, but it was left to transfer documents lodged this week to confirm a sale price of $50 million.

Elliott Placks and Ashley Bierman of Ray White Double Bay declined to comment on the exact sales price or buyer’s identity.

The Gaitanos family bought their new home from Paul Oppenheim, the chair and co-founder of Plenary Group, and his wife Cathie-Jane. Plenary Group invests, develops and manages public infrastructure in Australia, the Middle East and the UK.

The Oppenheims paid $18.8 million in 2017 for the three-level abode and made some renovations. While the tennis court and pool were already there, they updated the interiors and preserved the period details such as leadlight windows and ornate cornices.

There is a gym, office, steam room, library, rumpus and billiard room, updated kitchen, multiple terraces and gardens by Will Dangar.

Bellevue Hill’s house price record was reset in 2024 when fashion designer-turned-lifestyle blogger Stephanie Conley-Buhre sold her mansion for $80 million, in a deal also handled by Bierman. Conley-Buhre bought it for $28.5 million in 2021 from medico Louis Klein and his wife, Claire, and embarked on a no-expense-spared redesign and renovation.

Enviro accessories queen sells mansion

Beijing-born Xiaohui Wang, director of recycled polyester company Carbonelle, has sold her six-bedroom Clontarf home for a figure between the $18 million and $19 million price guide, local sources not authorised to comment publicly have revealed.

A sold sticker went up on the website of Bo Zhang of Sydney Sotheby’s International Realty, with the sale price undisclosed. Zhang declined to comment on any aspect of the sale, and it will be left to settlement to reveal the exact sale price and buyer’s identity.

Wang purchased the three-storey mansion for $7,288,888 from Raymond and Penelope Jones, with a caveat lodged in 2015, records show.

Wang, whose business specialises in bags, accessories and textiles, is downsizing.

The property is set on 1500 square metres and offers uninterrupted views of Middle Harbour. Expansive glass and a neutral palette adorn the interiors.

There is a modern chef’s kitchen with an industrial-sized cool room and walk-in pantry, and the main bedroom has dual balconies to soak up the harbour views.

Leisure offerings include a games room, pool, sauna and cedar-clad change room, and a billiards room with entertainer’s kitchen and powder room.

Designer Darling Point home sells

Bespoke tailor Patrick Johnson and his interior designer wife, Tamsin, have just about doubled their money with a home sale, proving that an eye for design can be very handy.

A sold sticker for the renovated 1920s Darling Point mansion went up on the listing indicating a sale by private treaty on March 18, with the sale price undisclosed.

The five-bedroom, five-bathroom property hit the market without a price guide, but after a scheduled auction last week was set to $22 million. Local sources not authorised to comment publicly revealed the home sold for a figure around $22 million.

The Johnsons snapped up the address for $10.05 million in 2020 and are moving to Watsons Bay, having paid $28.4 million for a five-bedroom fixer-upper, records show.

It’s no surprise Tamsin renovated the Darling Point residence given her success as an interior designer. Her accomplishments include Raes on Wategos in Byron Bay and a Dubai members’ club.

Interiors feature ornate ceilings, Calacatta Gioia marble, bespoke timber joinery, Italian tumbled marble flooring, 1930s French alabaster pendants, and Murano glass sconces.

There is a geometric island breakfast bar in the kitchen with custom cabinetry and croissant handles.

The couple added a pool to the landscaped gardens and a lower-level wellness zone with a sauna and cold plunge pool.

Gavin Rubinstein and Marion Badenoch of TRG held the listing for the Darling Point home but were unavailable for comment. Settlement will reveal the exact sale price and buyer’s identity.