Sir Ralph Norris puts Darling Point harbourside home up for auction
This is the stunning view that greets former Air New Zealand, ASB and Commonwealth Bank CEO Sir Ralph Norris in the evening. The Darling Point duplex is to be auctioned on June 23.
Former Air New Zealand, ASB and Commonwealth Bank CEO Sir Ralph Norris, who recently resigned as chairman of Fletcher Building, is also saying good-bye to his posh Sydney home.
Sir Ralph and his wife Pam are spending more time back in New Zealand and have put their multi-million-dollar Darling Point duplex up for auction.
Sir Ralph's decision to resign as head of one of New Zealand's largest listed companies follows a profit downgrade for the company after it clocked up provisional losses of $486 million, which has seen share values plunge.
Disgruntled Fletcher shareholders address chairman Sir Ralph Norris at the Fletcher Building AGM last November.
The couple's harbourside duplex, estimated to be worth around NZ$7 million, will be auctioned on June 23.
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Sir Ralph was only one year into his six-year term as chief of Australia's largest bank when, in 2006, he bought the Yarranabbe Road duplex for A$5.15 million (NZ$5.58 million) from Judy Gazal, of the renowned Australian rag trader family.
A coffered ceiling and gas fireplace enhance the symmetry of the main living room.
The two-storey, three-bedroom property, which has a private heated swimming pool, internal lift and separate living areas, was built by retired advertising executive Tony Garland, who sold it to the Gazals in 2003 for A$4.6 million.
The waterside home has panoramic views across Rushcutters Bay harbour and Sydney's iconic cityscape. Listing agent Mark Lowe of Ballard Property describes it as an "exclusive villa-like property".
In 2011 Sir Ralph handed over the reigns of the Commonwealth Bank to fellow Kiwi Ian Narev, but not before a protester sprayed unwanted graffiti on the wall outside his Darling Point home venting against the banks' – and in particular CBA's – decision to lift interest rates on mortgages by more than the Reserve Bank increase in the cash rate.
Norris came from humble beginnings in Auckland's then working class area of Mount Roskill raised by a solo mother, "at a time when social benefits weren't around", he said in an interview just before the Fletcher Building construction losses were beginning to mount in 2017.
What's not to love about this position?
Dining outdoors is all the better with a view like this.
Formal landscaping enhances the glorious view.
Living areas open out to a heated pool.
As befits a CEO's residence, there's a dining room for formal entertaining.
The contemporary kitchen has an island breakfast bar.
The master suite is in keeping with the high-end fit-out of the rest of the house.
- domain.com.au
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