Stonnington mansion sale sets new $52m home price record

Art vendor Rod Menzies has bought his Malvern mansion for a new home price record of $52.5 million, eclipsing the state’s earlier $40 million record for a luxurious Toorak home.

A decade after Australia’s former authorities home, Stonington, was controversially transferred into personal arms for $17.5 million, Mr Menzies has onsold it.

The historic property at 336 Glenferrie Road has bought to an Asia-based purchaser who just isn’t but registered on title.

Stonington’s sale price exceeds the earlier state price record set simply eight months in the past when ex-Mirvac director Marina Darling and husband, Anthony,

bought 18 St Georges Road, Toorak, to Chinese businessman Qi Yang, for a reported $40 million.

Like Stonington, the purchaser’s id for the Darling property, Mowbray, was not recognized firstly of the due diligence interval.

In a present of power for Melbourne’s status sector, Stonington’s sale price is double the $26.25 million record set a yr in the past, when Daniel and Danielle Besen bought 9 Towers Road, Toorak, to Netflow managing director Phil Dreaver and his spouse Sally.

For six years prior, the record price paid for a home in Victoria was $26 million, established when BRW Rich List member John Higgins purchased Portsea’s clifftop Ilyuka from Computershare co-founder Michele O’Halloran.

Mr Menzies bought Stonington, on about 1.2 hectares, from builders who had sliced off giant sections of the yard on which have been constructed townhouses and flats.

The imposing mansion – from which the native council derives its identify – housed Victoria’s governors for 30 years till 1931.

It was inbuilt 1890 by Cobb & Co coaches associate John Wagner who occupied it till his dying in 1901. It was then leased to the federal government, which purchased it for $35,000 in 1928.

Also used as a faculty and hospital, Stonington was out of personal arms till 2006 when Deakin University signed a deal on Christmas Eve to promote the then-three hectare holding to developer Hamton for $33 million.

Despite native lobbying, the federal government didn’t intervene within the sale.

Mr Menzies subsequently acquired Stonington in an off-market deal. It was speculated on the time that the seller was required to finish a lavish fit-out of the home for Mr Menzies.

Sources who’ve been within the mansion say it presents an abundance of bedrooms, dwelling areas and moist zones, with intricate element in its fittings.

The artwork vendor declined to remark when contacted on Thursday concerning the sale of Stonington and one other mansion in Nagambie, Noorilim, which he tried unsuccessfully to promote eight years in the past for greater than $10 million.

Last month, a Toorak compound, with six dwellings, and on a 4697 sq. metre block, hit the market with price expectations of between $45 million and $50 million.

One of the advertising brokers of that website, Julian White, of CBRE, expects continued progress within the residential sector this yr.

“Residential properties in prestigious Sydney suburbs sell for in excess of $20,000 per square metre,” Mr White stated. “Melbourne is only seven per cent smaller in size and growing at a faster rate. With strong population growth and the continued advance of Melbourne to attract nation-wide business headquarters and offshore investment, this gap is expected to close”.

Last April, a nationwide record price of $71 million was achieved when Atlassian co-founder Scott Farquhar purchased the Elaine property in Point Piper, Sydney, from members of the Fairfax household.

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