Sydney landmarks: who owns them and what they’re worth

Artwork for the buildings around Sydney. NSW real estate.

They’re dollar figures no one would have dared dream even a few years ago.

Some of Sydney’s world famous icons – ranging from the Opera House to Queen Victoria Building and Centrepoint Tower – have become worth up to $11 billion, while the city also now includes multiple private homes worth over $100 million.

And they often have some unexpected owners, with a review of the ownership structures of many of these landmarks revealing a mix of richlisters, public trusts, councils and global consortiums:

QUEEN VICTORIA BUILDING

Sydney’s Queen Victoria Building, also known as the QVB was partly sold to a Hong Kong retail giant Link REIT as part of a multi-shopping-centre deal in 2021.

The Queen Victoria Building in Sydney.

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A 50 per cent share of the QVB, The Galeries and Strand Arcade, was snapped up for $538.2 million. The City of Sydney owns the remaining half of the five-storey arcade, which opened in 1898 to a total build cost of £261,102, about $2 billion in today’s money.

LUNA PARK

A heritage-listed amusement park that first opened in 1935, Luna Park is owned by the Luna Park Reserve Trust, an agency of the State Government.

Luna Park. Picture: Gaye Gerard

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Canadian investment firm Brookfield, which acquired the harbourside attraction in 2007 as part of its acquisition of Multiplex, announced in June it was selling the long-term business lease for a reported $70 million. Luna Park Sydney has 17 amusement rides today including the heritage-listed Coney Island building.

THE STAR CASINO

Once known as Star City, The Star is now owned and operated by The Star Entertainment Group, an ASX-listed company. After Sydney’s first casino licence was granted in 1994, a permanent venue was opened in 1997.

The Star Casino building in Pyrmont. Picture: Damian Shaw

By 2009, then owners Tabcorp announced a $475 million refurbishment and expansion and in 2011 the complex reopened as The Star”. Several recent reports have suggested the gaming giant is seeking a new owner after a string of financial troubles and a swath of redundancies.

THE HERMITAGE

The Hermitage, a Vaucluse waterfront house built in the 1840s, is the family home of hospitality king Justin Hemmes and his sister, Bettina. His late father John, a businessman and a survivor of a World War II POW camp, and mother, Merivale, a fashion designer, bought it for 1974.

The Hermitage at Vaucluse.

“It was the first house to be sold for $1m, which was by my father [the doyen Ron Pillinger],” says eastern suburbs veteran Brad Pillinger. “Obviously it’s one of the best in Sydney and hard to value.”

Local sources claim its worth about $200m.

WINGADAL

A waterfront mansion that’s currently on the market with a $200m-plus price guide is Wingadal in Point Piper, the home of Aussie Home Loans founder “Aussie” John Symond.

In trophy home stakes, it’s considered one of Sydney’s best because of its scale and it took eight years to construct.

The home in Point Piper.

The residence at 2 Wingadal Pl sits on 2,676sqm (equal to four normal housing blocks) of prime harbourfront real estate. Listed with Ken Jacobs of Forbes with Brad Pillinger of Pillinger, the home is built over four levels and has entertaining areas for 500 people, wine cellar for 2500 bottles, a theatre with seats for 22 people and two commercial kitchens. The property was briefly on the market in 2017 and despite an offer of $110m, Symond opted to keep it. Purchased in 1999, he’s selling it now to spend more time overseas.

SYDNEY HARBOUR BRIDGE

The Sydney Harbour Bridge is owned by State Government body, Transport for NSW. After six years of construction, the “coat hanger” opened in 1932 at a cost of £10 million pounds – more than $1.5 billion in today’s money.

The Harbour Bridge. Picture: Gaye Gerard

At the opening ceremony as Premier Jack Lang was positioning to cut the ribbon, protesting military man Francis de Groot rode up on a horse and slashed it with his sword.

SYDNEY OPERA HOUSE

Owned by The Sydney Opera House Trust, construction of the iconic building was expected to take four years and cost $7 million.

The Opera House is now worth billions.

When Queen Elizabeth opened Sydney Opera House on October 20, 1973 it had taken 14 years at a cost of $102 million – largely paid for by a State Lottery. Valuing 50 years of Australia’s Icon, an economic report released last year, calculated its social value at $11.4 billion, far beyond its $3 billion land and building value.

FAIRWATER

The grand Point Piper waterfront Fairwater was snapped up by Atlassian co-founder Mike Cannon-Brookes and his then wife Annie for $100m in 2018.

The Point Piper mansion Fairwater. Picture by Damian Shaw

Fairwater is owned by billionaire Mike Cannon-Brookes.

It’s on 1.12ha, the largest privately held property on Sydney Harbour, previously the home of the late Lady (Mary) Fairfax. The house next door, Elaine, on a 6986-sq m waterfront block, had sold for $71m the year before to the other Atlassian co-founder, Scott Farquahar, setting the national record then. Agent Ken Jacobs sold Elaine last month for $130m in conjunction with fellow agent Brad Pillinger — equalling the current national record set in late 2022 for Point Piper’s UIG Lodge, also bought by Farquahar. Neither Jacobs or Pillinger would put a figure on Fairwater’s value now. “These trophy homes are one-offs, that’s what makes valuation so hard,” Jacobs said. Pillinger said similar.

SWIFTS

The Darling Point mansion Swifts, a landmark 1.4ha estate, has been described by the Australian Heritage Council as “perhaps the grandest house remaining in Sydney”.

Swifts in Darling Point. Picture: Richard Dobson

It’s the home of private health and aged care boss Dr Shane Moran, who bought out other family members for $11m in 2013, according to records. The late patriarch Doug Moran had bought it for $12m in 1997 via Jacobs. The Gothic Revival mansion was built in 1874 but it was extended in 1882. It’s in the style of Government House, but has a bigger ballroom. When the Catholic Church bought it, the ballroom was converted into a chapel. How much would it be worth now? Could be about $150m.

SYDNEY TOWER

In 2001, Westfield Group bought Centrepoint tower from AMP for reportedly between $250 million and $270 million.

Works began in 1975.

Westfield later split into Westfield Corporation and Scentre Group, which now operates the shopping precinct below the 309m structure, now Sydney Tower. Trippas White Group runs the restaurant Skyfeast and Bar 83, while Merlin Entertainments manages the Sydney Tower Eye observation deck and the outdoor Skywalk experience.

Royal Botanic Gardens

Owned by the State Government, and administered by the Royal Botanic Gardens and Domain Trust, Sydney’s most famous garden opened in 1816 and was added to the State Heritage Register in 1999.

Sydney Royal Botanic Gardens.

The Cadigal are the traditional custodians of the land, which was also home to the first European farm in Australia. Governor Lachlan Macquarie saw its potential as a place for horticulture, botany and research so earmarked the 30ha parcel to be the country’s first Botanic Gardens.

SYDNEY CRICKET GROUND

Owned and operated by Venues NSW, a State Government agency, the site has been a favourite sporting destination for more than 170 years.

The SCG. Picture by Damian Shaw

In the 1850s the land became part of the Sydney Common belonging to Victoria Barracks, granted to the British Army for use as a garden and cricket ground. The Members’ Pavilion was built in 1886 for £6,625, worth approximately $1.5 million today. By 1894, the ground was officially named the Sydney Cricket Ground.

CENTENNIAL PARK

Centennial Park is the oldest landholding in Centennial Parklands, which also includes Moore Park and Queens Park. Listed on the State Heritage Register, the 189ha park is managed by the Centennial Park & Moore Park Trust and is administered by the Office of Environment & Heritage. Traditionally in the custody of the Gadigal people, Centennial Park was opened in 1888 after politician Sir Henry Parkes declared it the “People’s Park”.

AIRPORT LINE

With the exception of Wolli Creek, the Airport Line stations are operated by Airport Link, as part of a public-private partnership. The State Government contributed approximately $700 million, with Airport Link Company paying $200 million for the line which opened in May 2000, three months ahead of the Olympics. By 2006, Airport Link was bought by Westpac with the retail giant then offloading its 49.9 per cent stake in 2009 to UK-based Universities Superannuation Scheme.

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