One of Sydney Harbour's last remaining private islands, Spectacle Island, has been put on the market, sparking interest from wealthy buyers seeking a unique waterfront property.
Island Features and Location
Situated in the middle of Sydney Harbour, Spectacle Island spans approximately 1.2 hectares and is located between Drummoyne and Cockatoo Island. The island features a single residential dwelling, a jetty, and lush gardens, offering panoramic views of the harbour and city skyline.
The property is zoned for residential use, with potential for redevelopment subject to council approval. According to the listing agent, Ken Jacobs of Christie's International Real Estate, the island presents a rare opportunity for buyers to create a bespoke harbourfront estate.
Market Context and Pricing
The asking price has not been disclosed, but industry experts estimate it could exceed $20 million, given comparable sales of harbour islands. In 2018, nearby Clark Island sold for $12 million, while the more prominent Shark Island was leased for $1.5 million annually.
Sydney's luxury property market has remained robust, with demand for unique assets like private islands. According to a recent report by Knight Frank, prime waterfront properties in Sydney have seen price growth of 5% over the past year.
Historical Significance
Spectacle Island has a rich history, originally used as a naval base during the 19th century. It was later converted into a quarantine station and then a recreational site. The current owners have held the island for over two decades, maintaining its natural beauty and privacy.
The island's name is derived from its shape, resembling a pair of spectacles when viewed from above. It is one of only a handful of privately owned islands in Sydney Harbour, making it a rare commodity.
Interested Buyers and Future Plans
According to Jacobs, expressions of interest have already been received from local and international buyers, including high-net-worth individuals and developers. The island could be used as a private residence, a boutique hotel, or an exclusive event venue, subject to zoning regulations.
The sale is expected to close within six months, with the vendor seeking a buyer who appreciates the island's heritage and natural environment. The property is being marketed globally, targeting buyers from Asia, the Middle East, and Europe.
