Atlassian co-founder Scott Farquhar buys $130million Point Piper home in cash

Australian billionaire Scott Farquhar has snapped up a Scottish-style mansion for an eye-watering $130million – and he paid for Australia’s most expensive house entirely without finance. 

The Atlassian co-founder and his investment banker wife Kim Jackson will now call the sprawling 3,300sqm, four bedroom property at the top of Point Piper, in Sydney’s eastern suburbs, as their home. 

The record-smashing deal went through in December with Mr Farquhar just now taking full possession of the lavish property.

The property – known as Uig Lodge – sold for more than Farquhar’s fellow Atlassian co-founder Mike Cannon-Brookes’ Point Piper property, Fairwater, which he bought in 2018 for $100million.

Farquhar’s new home was previously owned by Steven and Carol Moss, the co-founders of retail fashion label Katies, who bought it for $9.2million in 1996.

Uig Lodge sits on a high vantage point that provides some of the best views of Sydney Harbour.

It is one of the most renowned properties in the city and its design was inspired by the castle home of a Scottish baron.

Mr Farquhar’s purchase comes after Atlassian announced it would be cutting hundreds of jobs in less than six months.

The software company announced last week that 500 full-time employees – or 5 per cent of its workforce – would be made redundant amidst an economic downtown that has significantly affected the industry. 

Mr Farquhar and Mr Cannon-Brookes sent an internal letter to staff to explain the company’s ‘difficult decision’ to lay off workers.

‘We have made the difficult decision to rebalance our team to better position Atlassian for the long term,’ Mr Farquhar and Mr Cannon-Brookes wrote. 

‘We came to this decision as an executive team and with our board, but ultimately the final call is on us as co-founders. To those who are leaving us: we are deeply sorry.’

Atlassian’s HR, program management and research and insights teams will be worst impacted.

‘To be clear, this decision is not a reflection of Atlassian’s own financial performance, as we will be reinvesting in roles that better support our priorities,’ the co-founders said.

‘This is going to be hard news for every Atlassian to digest. Please take the time you need to process it.’

Employees who are made redundant will be offered a number of benefits including 15 weeks of severance, plus one week’s pay for each year of employment.

The house, known as Uig Lodge, spans 3,300 square-metres and sits on a high vantage point that provides some of the best views of Sydney Harbour

The announcement by Atlassian came six months after the company went on a nationwide recruitment drive to hire new staff, promising them they could work from ‘anywhere’. 

Mr Farquhar hit the road, driving an Atlassian-branded campervan in a bid to find 1,032 staff to join the company in research and development roles.  

‘Atlassian’s work from anywhere policy (Team Anywhere) means many Aussies can realise a dream in tech without having to move,’ a statement from the company said.

Atlassian offers extremely competitive salaries with packages ranging from $100,000 and $150,000, depending on roles and experience. 

The company’s recruitment drive began at Sydney’s Martin Place before turning into a road trip.

The so-called ‘AtlassiVan’ visited Canberra, Wollongong, Melbourne, Adelaide, Newcastle, Brisbane, the Gold Coast and the Sunshine Coast.

The software giant came third in the 2022 Australia’s Best Workplaces list for large companies, with a major perk being it offers financial support for staff to set up their ideal workspace. 

Staff are allowed to work from home anywhere and only have to come together to collaborate face to face four times a year.

If they come into the office by bicycle, the company reimburses bike repairs, accessories, and rentals up to an agreed amount.

Tech giant Atlassian will cut 500 jobs just months after co-founder Scott Farquhar (pictured) travelled around Australia to recruit 1000 people