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Bondi Icebergs founder Maurice Terzini has listed the Potts Point terrace — which previously operated as a brothel — that he bought just last year. Picture: NewsWire / Nikki Short
Bondi Icebergs founder Maurice Terzini has listed the Potts Point terrace — which previously operated as a brothel — that he bought just last year.
Terzini, once considered the “King of Bondi”, left Icebergs Dining Room and Bar and DTL Entertainment in June as investors tried to contain the fallout from a range of unproven allegations concerning his son.
It’s understood Terzini, who currently rents in nearby Rockwall Gardens, is now considering a change of lifestyle so he’s rethought his original plan to redevelop the nine-bedroom, seven-bathroom terrace with rear parking at 50 Kellett St.
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50 Kellett St, Potts Point has a $3.5m price guide.
Its days as a brothel known as Michelle’s are long gone.
It’s now likely to become a designer masterpiece, like the one next door.
It’s now listed with a $3.5m guide via Richardson and Wrench Elizabeth Bay/Potts Point agents Jason Boon and Geoff Cox, in conjunction with Allan Levy of Metro Commercial.
Just weeks before the premises was transferred to Terzini’s name, it stopped operating as Michelle’s, which promised an “erotic massage”.
Terzini, who bought it for $3.35m, had big plans for the 1880s terrace on a 147sqm block, which clearly has huge potential as the area once famous for its sleazy strip joints, massage parlours and all-night venues gentrifies into a residential enclave for the wealthy.
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The terrace awaits transformation.
It’s on a 147sqm block, with a north-facing courtyard.
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The property next door has had a multi-million-dollar architectural transformation and Terzini had a similar vision so the property comes with DA approved plans for an extra storey.
As the realestate.com.au ad states, “it holds valuable mixed-use zoning and DA approval for conversion to a residential dwelling.
“Whether you envision a spectacular private home, dynamic live/work residence, or fantastic investment with high return, the potential here is immense.
“The approved DA illustrates a stylish modern residence with generous living zones, spacious bedrooms and all contemporary amenities.”
It offers rear lane access to a north-facing courtyard and parking.
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