Eastern Suburbs political history to go under the hammer

Media release - 10th March 2015

It’s been part of the real estate portfolio associated with two eminent Sydney politicians for over 90 years, and now the magnificent terrace houses at 79 and 81 Jersey Road, Woollahra are set to go under the hammer on Thursday 26th March.

79-81 Jersey Road, Woollahra“William Fleming Latimer, a Member of the NSW Legislative Assembly, purchased the stately three bedroom, two bathroom terraces in the 1920s,” said sales agent, Mark Goldman, Co-Principal of Raine & Horne Double Bay, who expects each terrace to attract bids above $2.1 million.

Mr Goldman, who has co-listed the properties with Raine & Horne Double Bay colleague, Barry Goldman, added: “The terraces, which were built in the 1890s, are in a highly sought-after location, and can be sold separately or together, and have already attracted plenty of enquiries.”

To date, developers and investors, who regard the properties as a single transaction, have led the enquiry charge, according to Mr Goldman.

“Both properties are six metres wide and have excellent potential for parking subject to council approval, which is unique for the Paddington and Woollahra region,” said Mr Goldman.

“We also believe that the properties will appeal to families who will live in one of the terraces now and will land bank the other for their children.

“The centrality of the properties may also appeal to younger baby boomers downsizing from bigger Eastern Suburbs homes in suburbs such as Bellevue Hill.”

The properties will appeal to those with a partiality for terrace living, according to Mr Goldman, while the homes’ historical and political associations may also attract discerning buyers.

William Fleming Latimer was an MLA from 1901-1920, before shifting to Legislative Council (upper house) where he remained until 1933. Mr Latimer was also twice Mayor of Woollahra between 1900-10 and 1918-20. The properties were passed to William’s son Hugh Latimer on his death in 1935.

Hugh Latimer, an accountant, was elected to the Woollahra Council in 1923 and was an alderman for thirty-one years. His council career included stints as mayor in 1932-35 and 1949-51 and he was also a vice-president of the Local Government Association of New South Wales in 1947-49.

Famous for relentlessly opposing the government’s plan to merge Woollahra with the Sydney Municipal Council, Hugh Latimer was elected to the NSW Legislative Council in 1933. He remained an MLC until his death in 1954. His appointment in 1946 as Opposition whip was a highlight of his parliamentary career.

After the MLC’s passing, the terraces at 79 and 81 Jersey Road were transferred into the Jean Latimer Estate, managed by Hugh’s wife Jean. It’s remained part of this estate until today, and her grandson and estate trustee Hugh Latimer, a former Ord Minnett stockbroker and investment banker, has taken the decision to sell the properties.

“We’ve decided it’s time to rebalance the estate’s portfolio by selling 79 and 81 Jersey Road to enable us to diversify into some other investments,” said Mr Latimer.

“The timing of the sale with interest rates at all-time lows has also played a part in this decision, along with the fact we had some off-market interest in the properties given their excellent location and the fact that side-by-side, two storey terraces are difficult to find in Woollahra and Paddington.”

Mr Latimer concedes that he considered his family’s proud political history and its connection with the two terraces before deciding on the sale.

“It’s a little emotional however we’re retaining 83 and 85 Jersey Road, where we will still reside,” said Mr Latimer.

For more information about the auction of 79 and 81 Jersey Road, Woollahra, on Thursday 26 March, 2015, please contact Mark Goldman from Raine & Horne Double Bay on 0411 193 299 or Barry Goldman on 0418 890 210.

–ENDS–

For further media information contact:

Mark Goldman, Co-Principal, Raine & Horne Double Bay on 0411 193 299

Hugh Latimer, Vendor, 79 & 81 Jersey Road, Woollahra on 0417 440 468