The Mansion on St George’s Road TOORAK was flattened 4 years ago DESPITE its Heritage Listing …
The last time the property was up for sale was in 2013; a couple paid $18M for it and then demolished it in 2015.
That caused much controversy in this community as many considered this Mansion to be the centrepiece of this very lavish street.
-the site is up for grabs with an asking price of $40M
-the local community action group have expressed the desire for a single dwelling of two storeys
–‘the sale is happening off the market’
WHAT does this mean?
-is it selling or has it already been sold without public advertising?
-what is the urgency for an immediate sale?
-are the vendors in trouble with the CCP?
HOW likely is it that they would be in trouble with the Australian authorities when the Real Estate Sector is exempt from Anti-Money Laundering Laws?
RELATED ARTICLE ….
Mystery surrounds the $60 million Chinese-owned vacant estates of Toorak
By Tom Cowie
Nearly $60 million worth of real estate in one of Toorak’s most-exclusive streets has been reduced to a patch of dirt, with mystery surrounding what’s going to happen to it.
On well-heeled St Georges Road, where two grand mansions once stood side by side, sits a couple of Melbourne’s priciest vacant blocks after bulldozers razed both properties.
Melbourne real estate records were smashed a few years ago when a Chinese buyer paid just under $40 million for the 1920s Mowbray mansion at 18 St Georges Road.
The palatial six-bedder, sitting on 5000sqm with a swimming pool and tennis court, succumbed to the dozer blade in recent months after it was damaged by fire and vandals started getting inside the vacant property.
The gates bearing the Mowbray name are still standing.
Palatial spreads kept empty? That’s rich
Title documents show the property belongs to a buyer by the name of Qi Yang. The Australian Financial Review reported at the time that Mr Qi won Foreign Investment Review Board approval to buy the land, which came with a hefty $5 million stamp duty bill.
The City of Stonnington said no plans had been lodged for the property after a demolition permit was granted in May last year.
Under the council’s planning scheme, a building permit is only required for two or more dwellings or a subdivision.
There is no sign of tradies next door either, since the Idylwilde mansion was controversially torn down in 2015, prompting an outcry in the community over lost heritage.
Bought for $18.5 million in 2013, the former landmark 1913 estate at 16 St Georges Road is now chock full of weeds and surrounded by security fencing.
*The lack of action has prompted speculation about landbanking.
*Owner Xiaoyan “Kylie” Bao put the property on the market last year with a $40 million plus price guide after plans to build a grand $18 million home were shelved.
However, one buyers’ advocate who deals with high-end property said the owner would be lucky to get anywhere near that.
“They paid way over the top,” the property watcher said.
Those two vacant blocks could soon be joined by another, if a third mansion is demolished further down the street.
A 7200sqm block at 29-31 St Georges Road is quietly up for sale after sitting dormant for nearly three decades.
*The rumoured asking price is as much as $75 million, after the property was bought by the Yu family for $5 million in 1991.
A chunk of change like that would obliterate the property record established by Mowbray and later eclipsed when Australia’s former government house, Stonington in Malvern, sold for $52.5 million in 2018.
Several planning applications have been knocked back over the years to build units on the land, however there might finally be a change of ownership around the corner.
A half-built French Renaissance-style house on the land would probably be knocked over, according to selling agent Andrew Baines.
“It’s purely land,” he said.
Toorak Village Residents Action Group president Eddie Young said the neighbours were waiting to see what would happen with the properties.
He said he had been told that a single dwelling would be built at 18 St Georges Road, which locals were pleased with.
Next door, however, was another story.
“It’s a mystery,” he said. “And it looks dreadful.”Play Video
Play video1:30Vacant Toorak block on the market for $40 million
VIEW SOURCE LINK BELOW TO PLAY VIDEO
A controversial block in Melbourne’s blue ribbon suburb of Toorak is up for sale with an eye-watering price tag of $40 million.
Tom Cowie is a journalist at The Age covering general news.
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