Property developer Greg Shand has bought at Palm Beach from Paul Spon-Smith. Source: realestate.com.au

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Greg Shand, the Barana Group property industry veteran, has bought at Palm Beach for $15m.

The 565 sqm Barrenjoey Rd holding, adjacent to the Pittwater ferry car park, was last traded in July 2020 at $9.8m.

Shand bought from Coco Republic’s Paul Spon-Smith and wife, Dale who’d bought it from the family of the late pastoralist Thomas Cropper and his wife, Rosalind, who’d paid $850,000 in 1988.

Property developer Greg Shand bought at Palm Beach from Paul Spon-Smith. Picture: realestate.com.au

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The Spon-Smiths upgraded last year to an $17.95m Iluka Rd beachfront, having had concerns about being opposite the proposed three storey redevelopment of the Barrenjoey Rd fish and chip shop across by tech entrepreneur Robin Khuda.

They argued Khuda’s application was “entirely non-compliant due to its height.”

“Additionally, it is imposing and out of character with the surrounding buildings.

Dingy ready. Source: realestate.com.au

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The home sits bang on Pittwater.

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“It dwarfs Barrenjoey House, which detracts from its significance as a heritage building,” Spon-Smiths’ letter of objection to the Northern Beaches Council said.

Kunda argues his ability to lower the height of the $13.5m development in its amended plans is frustrated by localised flooding.

Spon-Smith owns in Elizabeth Bay’s Kincoppal complex which cost $6m last year, having sold in Mosman.

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The family sold a $100m majority stake in the high-end furniture company to US private equity group Story3 Capital Partners in 2021. It has just opened in San Francisco as part of a three-store rollout in California.

The low-key Shand and his wife Kathy have lived in their Massie House estate rebuild on the Vaucluse waterfront since 1997.

Greg Shand & Danny Goldberg of Brentwood developers, in front of new apartments in Double Bay in an undated photo.

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