Billionaire Justin Hemmes makes tidy profit on Pittwater retreat
<p dir="ltr">Billionaire restaurateur Justin Hemmes has<span> </span><a rel="noopener" href="https://www.realestate.com.au/news/hotelier-justin-hemmes-sells-his-morning-bay-pittwater-retreat-for-55m/?rsf=syn:news:nca:news:spa:strap" target="_blank">sold</a><span> </span>a slice of his assets for a tidy price, after selling his Sydney waterfront retreat for $5.5 million this week.</p>
<p dir="ltr">Set in Pittwater, Hemmes first bought the four-bedroom, two-bathroom home in 2016 for just $2.75 million from its creator, acclaimed theatre production designer and architect Laurence Eastwood.</p>
<p dir="ltr">Eastwood built the bushland waterfront house with a vast floating roof, post-and-beam design, and large stainless steel gutters that feed into a 50,000-litre tank, earning himself a number of awards.</p>
<p dir="ltr">The house features wide decks at the front and rear of the living area, taking full advantage of the surrounding bush and water views.</p>
<p dir="ltr"><a rel="noopener" href="https://monavale.ljhooker.com.au/house-in-newport-nsw-2106-au-2kcsf6k?search=%2fsearch%2fproperty-sold%2fpage-1#.YblzFL1ByUk" target="_blank">LJ Hooker Mona Vale</a><span> </span>agent Lachlan Elder handled the sale off-market, with Hemmes instructing him to “sell it to people who will give it more love”.</p>
<p dir="ltr">With the sale of the Pittwater home, it seems that Hemmes is spending more of his time expanding his reach in Narooma, having spent an estimated $30 million in the area.</p>
<p dir="ltr">“I love Narooma with a deep passion,” he said recently.</p>
<p dir="ltr">He expects Narooma will one day be a strong competitor against Noosa as a getaway paradise.</p>
<p dir="ltr"><em>Images: @justinhemmes (Instagram), LJ Hooker Mona Vale</em></p>
