In another reflection of the booming property market in Sydney, investor Theo Onisforou made a $500k windfall earlier this month after selling a derelict church in Newtown, which he bought for $2.01 million in February.
Built in 1943, the property at 158 Australia Street, sold for $2.55 million at auction.
Apart from Mr Onisforou’s four-month ownership the property has been in the hands of religious groups since the 1940s.
Continuing its spiritual heritage the winning bidder was the Tibetan Buddhist Group Rigpa who plan to turn the dilapidated building into a temple.
Four months ago the former investment adviser to Kerry Packer paid $3.15 million for a working glass factory with two-level residence.
Mr Onisforou is credited with reivitalising an area of Paddington with fashion labels that is now known as The Intersection. He made his name working as a chief investment manager for Kerry Packer’s Consolidated Press Holdings.
20 years ago. Onisforou, who owns a harbour-front home at Elizabeth Bay, set out to diversify his revenue streams as a grazier, after acquiring a 242ha Angus stud at Bowral. His wealth is placed at between $100-120 million.