‘Yuppie kingdom’: The Packer property play at heart of Sydney housing debate

A development proposal in the heart of Potts Point has become an emblem of community concern about luxury redevelopments that replace older, cheaper apartments with larger, expensive units.

“We’re up in arms,” said Warren Fahey, local cultural historian and founder of the new Potts Point Preservation Group, which has formed to protect heritage architecture and fight luxury rebuilds. Warren Fahey, local cultural historian and founder of the new Potts Point Preservation Group, with Bo.Last year, News Corp reported Packer had taken a 10 per cent stake in the Macleay Street project. And last month, it reported the consortium had secured the right to buy two units in the building owned by Packer’s sister Gretel . James Packer and Nisbet are involved in other property plays in Melbourne and Geelong.

Former prime minister Paul Keating reportedly sold a parking space in the building for $315,000. Gretel Packer owns two units in the building.Fahey said he understood the Chimes project: the building is ageing, and its above-ground car park is not the best use of space. But it is indicative of a bigger trend in the area, where older, relatively affordable units are at risk of being bulldozed for luxury dwellings.

“Lots of people are worried in the building,” Karoubi said. “These apartments are quite affordable in comparison to everything else.”

Source: Real Estate Daily Report (realestatedailyreport.net)

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