When Horace Edward Pearce Bracey spent the equivalent of $4220 on two parcels of Vaucluse land just before World War II, he could never have guessed it would one day be worth in the vicinity of $50m.
The landmark waterfront property at 83 Fitzwilliam Rd, also known as Pt Seymour, has just been listed with Michael Pallier of Sydney Sotheby’s Realty — the first time in its 83-year history.
“This is just the most incredible property, one that is really iconic to Sydney.
“When you talk about location, it just doesn’t get better.
“I’ve been doing this for 25 years and I’ve never seen a property like this one.
“I fell in love with it immediately — it’s really a dream home,” he said.
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Pt Seymour, a landmark home at 83 Fitzwilliam Rd, Vaucluse, has a $50m price guide.
What a location!
A unique residence on 1271 sqm with few comparable sales, Pallier said he would let the market do the talking when it came to price.
“People know this property well, because as you travel through the harbour it’s a home that has always stood out,” he said.
“There are a lot of people who’ve been waiting a long time for it to be listed.
“We’ve started an expressions of interest campaign with a guide of around $50m and we’ll just see where the market is at.”
Pt Seymour — which is being marketed without any internal photographs — once belonged to Sydney Ferries Ltd, but was sold off in two lots by 1939.
Horace purchased one non-waterfront plot in December 1939 for 1300 pounds and later paid 810 pounds for land to the north east where an old concrete ferry wharf sat, turning the acquisition into the prized harbourfront block it is today.
Incredible views.
The unique residence is on a 1271 sqm waterfront block.
Original plans also show the high water mark, which is indented into the northern tip of the land, was sold to Horace by the Maritime Services Board in 1942 for a nominal 1 pound ($2) fee.
Although the 2110 pound total translates to $4220 in today’s money, the real value would have been a $195,000 fortune.
The site was home to a local convenience store, with much of the current home still bearing the hallmarks off the two-storey shop and residence.
The original part of the building, which features a curved-frontage facing west, is believed to have been built in about 1910 and remains today.
Deeds show the first European owner, explorer, journalist, politician and author Williams Charles Wentworth, sold the property to Sydney Ferries in September 1920.
Horace named the property Pt Seymour using his father’s third Christian name, but the Geographical Names Board of NSW waited until 1976 to officially title the point and publish it in the Government Gazette.
A lot of people have been waiting for this home to come onto the market.
A great spot to enjoy the views.
Despite the long standing Vaucluse connection, the Bracey family name is remembered in the Blue Mountains where Horace’s father owned and ran a retail store.
After five generations and 121 years in business, Bracey’s at Lithgow became a Harvey Norman store in 2007.
Horace engaged an old school friend turned local architect and Parsley Bay resident George Thomas to reimagine the waterfront shop.
George developed the premises by building around the existing structure with the original curved western front inspiring the curves to the north and northeast balcony extensions as well as the spiral stairwell.
Parsley Bay resident George Thomas reimagined the waterfront shop.
The extraordinary waterfront residence was Margaret Bracey’s home until she died last year at the age of 96.
During his time at Pt Seymour, Horace created gardens, a small summer house and a fish pond on the wharf.
The extraordinary waterfront residence remained his home until he died in 1948 when it then passed on to his brother Eric Oswald Bracey.
Eric, who had stayed in Lithgow to run the family retail business, holidayed at Pt Seymour and made a permanent move to the Sydney home by 1952.
When he passed away in 1968, his son John Eric Bracey inherited the property which was leased until 1975.
Upon his retirement John moved to Vaucluse with his wife Margaret and although he died in 2008, she called Pt Seymour home until she passed away last year, aged 96.
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