Offshore buyer secures 16 St Georges Road, Toorak from Peter Devitt in circa $20 million sale
The Toorak property, 16 St Georges Road, one of Melbourne’s most significant homes, has been sold through Kay & Burton.
It sits on just about an acre, the home of LU Simon building company director Peter Devitt and his wife Jo and their family for the past 16 years.
It was marketed internationally via a short film produced by Golden Eye Media.
The Kay & Burton agent Ross Savas was talking around $20 million for the property on its listing in late 2012, and while the sale price has not been disclosed, the agency suggests the sale was "circa $20 million."
It has been billed as "one of city's biggest property deals."
The Devitt's are off to a St Kilda Road apartment, the penthouse at The Melburnian which the construction executive bought as a birthday present for his wife for around $15 million in 2009.
The 465-square-metre apartment, equating to about $32,000 per square metre, was sold by Origin Healthcare founder Bob Biddle through Ross Savas.
The St Georges Road property is a 4257 square metre block with art nouveau villa. There is a the four-car garage, tennis court and swimming pool with change rooms.
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Property Observer gleans 16 St Georges Road has been bought by an off shore Asian buyer who first inspected the property several months ago.
The mainland Chinese buyer flew into Melbourne last week on their private jet to put the signature on the contract.
It last traded at $4.4 million in 1997.
Toorak's highest sale this year has been 1 Towers Road, which was bought by Nigel Austin, the founder of the Cotton On chain, having been sold in June by the former JPMorgan Australia chairman Brian Watson.
There has been no official confirmation of the price of the Georgian-style mansion on Towers Road, Toorak but it is understood to have fallen short of the Melbourne record of $24 million.
Property Observer gleans it sold for around $21 million, a very healthy result.
