John McMurrick profits in Toorak

Insurance executive John McMurrick has made a $1 million profit from a B-grade riverfront Toorak home held for just six months.

The unrenovated dwelling, overlooks the Yarra River, was to have made way for a new build.

However after reportedly finding something perfect at 51 St Georges Road in the suburb last May – at a speculated $10m – plans changed.

Last weekend, Kay & Burton offloaded the redundant Berenice Terrace block for $3.45m – almost a million more than the ($2.4m) he paid in January.

The deal set a record land rate of $508 per foot, the agent added.

It’s the second landmark real estate deal for Mr McMurrick, who a couple of years ago sold a Washington St, Toorak home for $4.4m – the highest price outlaid at the time for an attached dwelling.

Mr McMurrick holds another large family home in the suburb – 2 Hopetoun Road – which sources say has recently been renovated.

That property cost the executive $6.3m in 2005.

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Marc Pallisco

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

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