People’s Republic of China Snares $7 Million Toorak Mansion For Education Purposes

The People’s Republic of China has emerged as the buyer of a brand new, 80 square Toorak mansion.

It is speculated an education division of the Chinese government will use the four-storey six bedroom mansion for administrative and teaching purposes and to accommodate ambassadors – but this could not be confirmed with the consulate.

The Selborne Road property was listed for sale mid construction earlier this year, by founder of online jobs website Jobs Jobs Jobs, Guy Sigston. The opulent home includes underground car parking for five cars, five bathrooms, a gymnasium, cinema, wine cellar and swimming pool. It also includes a rooftop garden overlooking the CBD.

The home is believed to have sold for about $7 million after a formal expression of interest campaign managed by Kay & Burton. Representatives from the agency declined to comment on any part of the deal when contacted by Capital Gain.

The consulate-general for the People’s Republic of China in Melbourne is based in Irving Road, Toorak.

Its new Selborne Road property is just over the back fence from Miegunyah, the 8,800 square metre estate of former Pacific Dunlop head Phillip Brass, which hit the market with a $20 million price tag last month.

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Marc Pallisco

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

Marc Pallisco

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