An unfinished mansion on Toorak’s exclusive St Georges Road is quietly being marketed at $80 million – a price which would set a state record.
Vendor, property developer David Yu of Ausvest Holdings, paid Hoyts boss Leon Fink $5m for #29-31 in 1991 – just after the last recession.
It was later dubbed a “ghost mansion” – after being left vacant for more than a decade.
Various prestige agents say the owner has rejected numerous offers to sell even during the 2007 and 2017 property booms.
It is now being touted off-market by Andrew Baines & Co’s Andrew Baines.
The site spreads 7246 square metres.
Street no stranger to setting the state watermark
If 29-31 St Georges Rd sells for the guide, it would smash the record set in 2018 when Malvern’s Stonington traded for $52.5m.
In 2017, Mirvac executive Marina Darling offloaded a fire-damaged mansion at 18 St Georges Rd – the $40m value temporarily set a state record.
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, replaced a c6000 sqm parcel acquired for $24m in early 2010.
That vendor, Zig Inge Group, paid the Baillieu family $14.8m 39 St Georges Rd 12 months earlier (story continues below).
Pricey for prestige buyers but fair for developers
Last July we reported that a 4257 sqm block at 16 St Georges Rd was quietly being promoted with a c$40m guide.
Until 2015 that property accommodated a c1913 single-level mansion, Idylwilde.
Now vacant site, each sqm of land priced is valued at about $9396 – a price commercial agents say would pique medium density developer interest.
Mr Yu’s property values every sqm at about $11,000.
Formerly two estates, Cantala and Somerset, 29-31 St Georges Rd abuts two townhouse projects, at its north and north west.
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.