Man who made fortune from M4 motorway sells luxury $28m unit

5/28 Billyard Ave, Elizabeth Bay sold for $28m — the highest priced unit in the suburb.

The man who made his fortune out of Sydney’s M4 motorway has sold his Elizabeth Bay waterfront apartment for a cracker $28m — a record for a unit in the suburb.

An Instagram post advises the four-bedroom apartment at 5/28 Billyard Ave — “one of the finest waterfront garden apartments in Sydney’s eastern suburbs” sold via Richardson and Wrench Elizabeth Bay’s Jason Boon with his colleague Geoff Cox in an off-market deal.

Records show Alan Livingstone and his wife Daryl bought the property, which also has four bathrooms and a four-car garage, for $6.5m in 1998, the year it was built.

MORE:

Australia’s most expensive streets

The Billyard Ave apartment has incredible views.

It’s described as “one of the finest waterfront garden apartments in Sydney’s eastern suburbs”.

Two years later, in late 2000, Mr Livingstone collected a major windfall when Macquarie Infrastructure Group paid $153.4m for a 50.6 per cent stake in Statewide Roads, which built the M4.

He’d been the major shareholder and managing director of Statewide Roads.

The six-unit block has been very tightly held, with the most recent sale $6m for a three-bedder in 2022 and the previous building record $11m for a four-bedder in 2010.

In late 2023 it was publicised that yachtie Matt Allen’s purchase of an apartment in the nearby Billyard Ave development had set the suburb record for “about $30m”, via Boon.

29 Challis Ave, Potts Point. sold for $18.5m.

Beck bought the residence for $13m from socialite and jeweller Heidi Onisforou in 2016.

But this week’s settlement of the now completed luxury Billyard Ave project is expected to show Allen’s actually paid less than $28m, because of changes to his apartment’s design.

It was a big week for Boon, who also had a hand in the sale of the Potts Point terrace-style home of lawyer Karen Beck for $18.5m, in conjunction with Harriet France of Sotheby’s and Darren Curtis of Forbes.

She’d bought the Challis Ave residence for $13m from socialite and jeweller Heidi Onisforou in 2016.

MORE:

78-storey tower planned for Parramatta

The post Man who made fortune from M4 motorway sells luxury $28m unit appeared first on realestate.com.au.