An unfinished mansion on an enormous pile in the heart of Toorak’s ritzy St Georges Road is quietly being marketed for sale with a guide price of $80 million, which would set a state record for a dwelling.
The holding was acquired from former Hoyts boss Leon Fink by property developer David Yu of Ausvest Holdings for $5 million in 1991 – following Australia’s last recession.
It was over later years reported as one of Melbourne’s “ghost mansions” – after at one stage being left vacant for more than 10 years (Mr Yu now has family living in the city).
Agents say the owner has refused numerous offers to sell the 7246 square metre holding even during local prestige property booms in 2007 and 2017.
Street no stranger to setting the state watermark
If 29-31 St Georges Road, Toorak, achieves its speculated asking price of $80 million, it would smash the record set in 2018 when art dealer Rod Menzies sold the former government house, Stonington, in Glenferrie Road, Malvern, for $52.5 million.
In 2017, Mirvac executive Marina Darling sold a rundown mansion at 18 St Georges Road for $40 million – a deal which temporarily set a Victorian price record for a dwelling.
Developer Harry Stamoulis owns what is one of the street’s priciest pads: his five year old home, said to have cost more than $100 million to construct, was developed on a c6000 sqm parcel acquired from Zig Inge Group for $24 million in early 2010.
Zig Inge Group paid the Baillieu family $14.8 million for the property, 39 St Georges Road, at a much more depressed time within the prestige property market 12 months earlier.
What may be pricey for prestige buyers is fair for medium density developers
Mr Yu’s property, which values every sqm of land at about $11,000, is not the only one with an eight figure price tag being touted for sale off-market in the street.
Last July we reported that a 4257 sqm block at 16 St Georges Road was quietly being promoted, asking about $40 million.
Until 2015 this property accommodated a c1913 single-level mansion, Idylwilde, and owned by LU Simon director, Peter Devitt for 16 years prior to 2013.
Now a vacant site, each sqm of land priced at about $9396, it is expected to pique the interest of developers which could consider a townhouse project.
Similarly, 29-31 St Georges Road, might be on the radar of medium density builders – the average price of a unit in the suburb about $955,000, according to realestate.co.m.au data.
Formerly comprising two estates, Cantala and Somerset, the holding already abuts townhouse projects at its north and north west boundary.
Mr Yu unsuccessfully applied to subdivide the land into nine lots in 1992.
A 37-unit block of flats with 115 car parks was refused in 2001 and under appeal in 2003.