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IT COULD set a new ceiling for the city’s most expensive knock-down rebuild.
Developer Jeff McCloy has made his foray into Bar Beach, forking out $3.925 million for the privilege.
But the block of four flats purchased by the former lord mayor, at 10-12 Parkway Avenue, is on borrowed time.
Newcastle council has approved a $3 million development application that will see the existing building demolished and the land – which boasts dual frontage to Light Street – subdivided.
Under plans seen by the Newcastle Herald and lodged earlier this year, one of the blocks will harbour a Santa Fe-inspired residence, complete with a rooftop terrace and pizza oven, gym, steam room, library and a lift between floors. The dwelling will also feature Spanish roof tiles and climbing ivy.
A second, more contemporary home will be constructed on the neighbouring block.
A design proposal by EJE Architecture said the main residence would be built in a style paying homage to the Pueblo villages and Spanish missions of New Mexico.
“A stronghold of Pueblo-style architecture is Santa Fe, a place frequently visited by the client who found a distinct affinity with the style and culture,” the plans said.
"The client has a specific brief in terms of the style (Santa Fe) of the new residence, which will enable their collection of objects, art and ephemera to be curated and displayed.”
The second residence will feature an L-shaped floor plan, two storeys and an internal courtyard.
“Its architecture is a simple, contemporary form, subservient to its prominent neighbour,” the plans said. “The face is simply rendered with crisp edges to delineate it from its more rustic neighbour.”
The land around Parkway Avenue was subdivided in the early 1920s.
The new homes are intended to be smaller in size and scale than the existing flats, which are listed as a heritage item of local significance under council’s Local Environmental Plan.
Stone from the original building will be salvaged and reused for fencing, adding a “handmade quality” to the architecture.
The hallmarks of Santa Fe-style architecture are rounded corners, flat rooves and thick battered walls.
“Walls are usually stuccoed and painted in light earth tones,” the plans said.
Mr McCloy has owned some of the region’s most impressive trophy homes.
In developing the Green Point estate, he built a substantial waterfront residence on Ross Street, in Belmont’s dress circle.
In 2014, Mr McCloy offloaded his additional city pad, The Hill’s historic Egmont House, for $2 million.