Industry figure Bob McMillan has sold his Pennant Hills home Dunrath for a whopping $42m, and says it is proof that print is an industry where people can make money.
The eyebrow-raising figure was thanks to a new train station on the new Sydney north-west rail link being built 800metres from the 4,999sqm property. Developers will be allowed to build high rise units on the land. McMillan has lived in the home for 40 years. In 1996 the land was valued at $206,000. McMillan says he moved because the place has lost its magic. He says, “When we moved in the place was a peaceful countryside, but now they will build a railway right next to it and then units will go up and it won’t be the same. So when magic goes, we go.” The home was snapped up by high-rise development giant Toplace. The developers have now set their sights on the surrounding properties but have not cracked a deal with the residents.
McMillan says they made a good offer and since the area has changed in the last two decades he did not want to stay there anymore. He will now relocate to a new place in Sydney’s Darling Point, which he describes as ‘not too shabby’. Dunrath was once owned by Francis de Groot, the sword wielding horseman who gategrashed the opening of the Sydney Harbour Bridge in 1932. In 1996 the land was valued at $206,000.
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