Property Development

Development site in one of Melbourne’s best streets listed with $40 million-plus price guide

Development site in one of Melbourne’s best streets listed with $40 million-plus price guide
Written by The ReReport
As seen in the Source link, written by realestatesource.com.au on 2019-07-08 08:36:05

A rare residential development opportunity has presented in the street often touted as Melbourne’s best.

The Toorak site at 16 St Georges Road (pictured, top) once accommodated historic mansion Idylwilde (pictured, below).

The Queen Anne style home, built in 1913, was permitted
for demolition – and razed – four years ago by Xiaoyan (Kylie) Bao.

The Toorak block at 16 St Georges Road once accommodated a mansion and tennis court.

Ms Bao won ownership of the property following a separation
from Chinese billionaire turned Australian investor, Wang Hua, who paid $18.6
million for it in 2013.

Idylwilde was for years until 2013 the family home of property
developer Peter Devitt.

Local agency sources say the 4257 square metre Toorak block will likely attract medium density developers interest following the current off-market sales campaign.

This interest would be despite 16 St Georges Road being presently permitted to be replaced with a single dwelling.

Marketing agency Kay & Burton is attaching a price guide of between $40 million and $44 million for the holding. The agency declined to comment when contacted.

In 2017, the neighbouring 18 St Georges Road, Toorak, sold for $38 million temporarily setting a Melbourne price record (surpassed in February, 2018, when the Stonington mansion in Malvern sold for $52.5 million).

St Georges Road and nearby Albany Road, also in Toorak, are often touted as Melbourne’s most exclusive.