Part of Malvern’s Stoningon estate in Malvern – once the Governor General’s residence and which many Melburnians believe should never have fallen into private hands – is being sold-down by its Chinese owners.
Two subdivided blocks, covering 1344 sqm, are expected to sell for a total $4 million.
Both are offered permit-ready for apartment complex, but are also being marketed to prestige home buyers who might consider one dwelling.
The state government effectively gave Deakin University the property in 1990; the school sold it five years ago to a developer.
Following sale, the heritage listed mansion fronting Glenferrie Road was restored and sold to art collector Rod Menzies for $18m – at the time setting a record Victorian house price.
The 1.5 hectare balance traded several times to various medium density builders who have obtained permits for a mix of apartments and townhouses.
At one stage the land was controlled by Ashington, which The Apprentice identity Mark Bouris directed.
In late 2010, the current owner, Everbright, snapped it up for $30m
Marshall White is marketing the two blocks for them, at 15 and 17 Somers Rd.
Last July, council was called to evaluate the legality of a seven metre fence separating the housing estate from the Moorakyne Avenue residence of Pacific Brands chief Sue Morphett, and partner, former McKinsey & Company director Charles Sitch.
Angry neighbours dubbed the paling “the Great Wall of Malvern”.