Brits to sell off Toorak outposts

September 29, 2010 § Leave a comment


A plan by the cash-strapped British government to offload some of its Australian properties has set the scene for some major real estate action in Melbourne‘s richest suburb in the new year.

Tough times in Britain have prompted the sale of three Australian properties, including two top-end homes in Toorak and a mansion in Vaucluse, Sydney. British diplomats will be expected to live in more modest city apartments, according to the British Foreign Office.

A spokeswoman for the British Foreign and Commonwealth Office said the residences would be put on the market next year and replaced with properties ”more fit for purpose”.

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Palatial spreads kept empty? That’s rich

September 21, 2010 § Leave a comment

They are Toorak‘s ghost mansions: grand houses that have sat unoccupied behind chained gates and boarded-up windows for years, even decades.

As Melbourne struggles with a housing shortage, some of the city’s finest abodes are home to nothing more than dust and cobwebs.

Take, for example, a French Renaissance-style mansion in St George‘s Road that Asian-based property tycoon David Yu bought in 1991 for $5 million and has left unoccupied since.

The land alone, believed to be one of Toorak’s largest allotments, could now be worth as much as $35 million.

Plans by Mr Yu to build a five-storey apartment block on the site were rejected a decade ago.

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Melbourne’s $20m mansion

September 21, 2010 § Leave a comment

The title of Melbourne‘s most expensive house has passed to a Toorak mansion, which is believed to have changed hands for a record $20 million.

The mansion, named Miegunyah, was sold by ex-Pacific Dunlop chief Phillip Brass to an undisclosed buyer.

Mr Brass is reported to have bought the property, located at 641 Orrong Road in the inner eastern suburb of Melbourne, for $2 million in 1991 from businessman Robert Holmes a Court.  

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