Property Development

Nicholas Smedley pays nearly $1 million to walk away from $9 million luxury home purchase

Written by The ReReport
As seen in the Source link, written by realestatesource.com.au on 2019-05-16 15:51:53

Besieged developer Nicholas Smedley is paying close to $1 million to walk away from the $9 million purchase of a Glen Iris home last May.

RT Edgar director Mark Wridgway has just sold 4 Fairview Grove, again, after Mr Smedley relinquished his $900,000 deposit, and paid a top up amount, for cancelling the deal.

The property traded following an invite-only auction, with six bidders attending.

The home, on a 2000 square metre plot, set a suburban price record when Mr Smedley bought it for $9 million last year. It was resold this month after last year’s deal didn’t settle.

It is exchanging for $8.05 million – with Mr Smedley’s deposit, and additional payment, bringing the deal value to the $9 million price agreed a year ago.

The six-bedroom renovated period home set a suburban price record when it was acquired by Mr Smedley at an invite-only auction.

On a 2000 square metre plot capturing Stonnington Valley views, the holding includes a tennis court and pool.

The sale price smashed a suburban price record held since 2011 when a five-bedroom home at 25 Scott Grove sold for $6.55 million.

The period home is renovated, and includes this drinking den and wine cellar.

At the time Mr Smedley purchased 4 Fairview Grove, his
construction company, Steller, was about to commence an $80 million renovation
and extension of Sorrento’s high-profile Continental Hotel.

Mr Smedley bought into the Sorrento venture in 2017 – the same year Steller acquired a string of residential development sites including 200 Wells Street, South Melbourne, and the former Greyhound Hotel in St Kilda.

The Continental Hotel at 1-21 Ocean Beach Road, Sorrento.

Last month we reported that the Continental refurbishment was on ice, and that Steller was changing its strategy following funding woes affecting Victorian residential projects.

It is also understood Steller is seeking buyers,
off-market, for some of its sites.