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Kiki Efthimiou and his neighbour knock back $50 million offer on their homes from developer

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Two Rose Bay homeowners, who teamed up to sell their properties, have knocked back an offer of $50 million from an apartment developer.

According to realestate.com.au, retired barrister Richard Burbridge QC bought 19 Conway Avenue (1215 sqm) for $3.03 million in 1981, and retired businessman Kiki Efthimiou OAM and his wife, Froso, bought 17 Ian Street (1279 sqm) for $140,000 in 1974.

Burbridge famously founded State Chambers (with Richard Kenzie AM QC) in 1997 and Efthimiou owned Australia’s largest import company of Greek products until 2013.

Kiki Efthimiou (left) bought the property with his wife for $140,000 in 1974.

READ MORE: Kiki Efthimiou: We need a collective effort to defend the name ‘Greek Yoghurt’ in Australia.

The two great mates have listed their properties with Sotheby’s principal, Michael Pallier, and colleague, Francis Egan, in conjunction with Ben Hunter and Ben Stewart of CBRE.

Although the highly-anticipated expressions of interest period for the homes will be launched online this Friday, realestate.com.au reports the retirees have already turned down a $50 million offer.

An aerial view of 17 Ian Street and 19 Conway Avenue, Rose Bay. Photo: realestate.com.au.

“They felt it was worth a lot more,” Mr Pallier told Australian media.

Hailed as the best site in Sydney, the properties have stunning Sydney Harbour views and are a short stroll from Rose Bay Village and the ferry wharf.

“It’s probably the best development and home site in the east — you can do units or it could be a trophy homebuyer,” Mr Pallier told realestate.com.au.

“I haven’t seen anything as special as this.”

Source: realestate.com.au

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