Myer family list trophy Melbourne estate
The Myer family has made the surprise decision to part with one of the city’s most significant estates.
Cranlana, on just over a hectare at 62 and 62A Clendon Road, Toorak, is expected to hit the market asking close to $100 million, according to sources.
It would be the second time this year a property has aimed to break the state residential record, set in August, 2022, when 29-31 St Georges Rd – a c7246 square metre holding – collected $80m ex-GST.
The other suitor, a contemporary home again in Toorak – on Macquarie St – hit the market over six months ago with an $82m upper guide.
Record breaking price
Cranlana is being offered by Myer Family Investments – a vehicle representing dozens of Myer descendants – also in recent years behind property developments including Camberwell’s The Well and a Fitzroy North apartment complex.
It would hit the market two years since the Terry family listed 16 Moule Avenue, Brighton, with $50m price hopes.
That estate remains for sale, now with a $39m-plus guide – Victoria’s highest priced property for public sale.
Also this year, the Hains family accepted a discount on an Albany Rd, Toorak, mansion – which fetched $38m after a renovation.
It was listed at $45m 13 months earlier – unrenovated.
Other major recent Toorak deals include the Walker estate, again on Albany Rd, which collected $61m last June against a $55m-$60m guide.
Two years ago meanwhile, Blair House on St Georges Rd, Toorak, fetched $74.5m – also over expectation.
Cranlana is near executive, philanthropist couple, Paul Little and Jane Hansen’s Coonac, also on Clendon Rd – which cost $16m in 2002 – an unusual, conditional off-market deal to prevent the estate being subdivided (story continues below).
Spreading 1.1ha at the time, the pair instead added to it with a Walter Burley Griffin designed Prairie home with a Stonehaven Court address.
Speculated to be worth nine figures, Coonac is widely tipped to hit the market in the next 24 months as Mr Little and Ms Hansen downsize to a historic South Yarra home, presently being renovated.
End of a 104 year era
Developed in 1903, Cranlana was acquired by Sir Sidney Myer and his wife Merlyn, in 1920 – shortly after they wed.
A neighbouring block – now, a sunken garden, was added in 1932.
The main mansion, which was remodelled by HW & FB Tomkins in c1929 – also responsible for Myer’s Bourke Street and Londale Street (now Emporium) stores – includes more than six bedrooms, informal and formal lounge rooms and substantial car parking.
Since Merlyn’s death in 1982, the estate has been used for philanthropic purposes including for more than three decades as the campus for the Collins St headquartered Cranlana Centre for Ethical Leadership.
Marshall White’s Marcus Chiminello is the marketing agent.
Charter Keck Cramer’s Scott Keck, Tom Byrnes and Patrick McNulty are the transaction advisers.
More to come.
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