Two 1930s houses on the sought-after boulevard of St Georges Road sold this month to a developer attracted to the combined landholding of 983 square metres. They were marketed as delightful brick residences with scope to redevelop.
5 and 7 St Georges Road will be redeveloped.Simon Schluter
For well-heeled buyers looking for a grander Toorak residence,a mansion nearby is set to be listed with price hopes of $42 million to $46 million.
RT Edgar selling agent Antoinette Nido declined to confirm the exact price of,but said the new owner planned to “drop it and build a single home”.
Three sources with knowledge of the sale,but not authorised to comment publicly,placed it north of $9 million.
St Georges Road was the location of two record-breaking sales last year and is known as Melbourne’s premier address,alongside exclusive Albany Road.
The houses were described as delightful 1930s homes with scope to redevelop.Supplied
Crypto king when he paid a little over $80 million for another knockdown on St Georges Road,albeit an abandoned ghost house on a block seven times the size.
Entrepreneur Grant Rule,founder of SMS marketing technology company MessageMedia,spent close to with a tennis court,kitchen with butler’s pantry,and north-facing gardens.
Other high-profile owners include the Stamoulis family – after property developer Harry Stamoulis built a mega-mansion – as well as yoghurt entrepreneur David Prior of five:am.
The Stamoulis family used to own a second residence on St Georges Road but sold number 20 two years ago. That property recently resold through Marshall White selling agent Marcus Chiminello,who declined to comment on the listing.
However,Chiminello is preparing to list a mansion on Clendon Road owned by Arvin Lourdenadin,son of Malaysian entrepreneur Sir Ninian Mogan Lourdenadin. With a price guide of $42 million to $46 million,it is set on about 4700 square metres and is next to the oversized estate owned by logistics boss and former Essendon chairman Paul Little.
Chiminello also handled the sale of a new six-bedroom residence at,which one source with knowledge of the deal priced at almost $11 million.
“Generally speaking,the prestige market is as good as it has ever been,” he said.
This Clendon Road residence last traded in 2013.Supplied
“[There’s] not enough good supply to satisfy the buying market.
“People who considered something a few months ago and said no are now reconsidering because of that sheer lack of choice.”
The sale was among a flurry of activity at the upper end. Another two residences on one title at,recently sold for about $14.5 million,with two underbidders. The address was offered with price hopes of $16.5 million through RT Edgar’s Jeremy Fox and the vendor was former Mondo Rock keyboardist Duncan Veall.
A Georgian residence at fetched $9.5 million against a guide of $7.8 million to $8.5 million through RT Edgar’s Anthony Grimwade.
A renovated four-bedroom home at traded for $9.1 million to a local family who beat three underbidders through RT Edgar’s Max Ruttner. It hit the market in March with a price guide of $10 million to $11 million.
“The lack of supply is driving a resurgence of urgency throughout the market,” Ruttner said.
“There is limited stock on the market so if there is a fantastic property … there is more demand for it.”
And Antoinette Nido will soon list a rare offering in the Domain precinct in South Yarra. The five-bedroom residence at,close to the Botanic Gardens,has a price guide of $12 million to $13.2 million and is owned by interests associated with race car driver Dean Cook.