Future of Balwyn’s The Connault revealed after record sale

Developed from the 1930s, The Connault retains many original features.
One of The Connault’s lounge rooms.

Landmark Balwyn estate The Connault has sold for $14.85 million – smashing the suburb’s residential record by nearly $5m.

Kemaris Capital is the buyer; the Malaysia based aged care and retirement living provider secured the asset following an unusual campaign targeting businesses, including in essential services, and prestige home buyers.

On 5027 square metres at one of metropolitan Melbourne’s highest points, there are 30 bedrooms, each with an ensuite, offices, a library, dining rooms and garden courtyards.

There is also the potential to develop more units on vacant tracts around the historic home.

The Balwyn Woolworths (outlined) sold for $45.7 million in late 2021.

Kay & Burton’s Sam Wilkinson was the agent.

The previous record paid for a Balwyn home was $10m for 18 Knutsford Street last May.

Prior to that, 5 Millah Road collected $9.5m in August, 2021.

The suburb’s priciest property transaction was Whitehorse Road’s Woolworths which traded in late November, 2021, for $45.7m – a sub three per cent yield.

Vinci Carbone’s Frank Vinci and Joseph Carbone brokered that deal (story continues below).

The Connault has been an aged care complex since 1998.

Next chapter for The Connault

Developed as a family home from 1930 by draper Oliver Gilpin, who died before moving in, the Balwyn estate, originally known as Idylwylde, stretched eight hectares north to Winmalee Road.

It later sold to the Missionary Sisters of the Sacred Heart for a convent; that group also renamed it Mary’s Mount.

The Wesleyan Mission, which picked it up in 1978, was responsible for a sell-down and subdivision of the bulk of the former grounds in the 1980s; a lake Mr Gilpin built still forms part of homes later built on Sanctuary Close.

The balance sold to aged care operator Karen Kouzas who converted it to The Connault aged care complex in 1998.

It was listed vacant in late 2022.

Kemaris, which bought it against an initial c$20m guide, reopened the aged care operation; it is now marketing units for long and short permanent and respite care.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.