The demolition of two mansions in Melbourne's most expensive street has been delayed

[Economic News]     23 Feb 2020
After mowbray's mansion was flattened, the iron general tightened the empty courtyard door, and the vandals began to dive into one of the most expensive streets of torak, a top rich district in melbourne. Two old mansions bought by two rich chinese merchants for nearly 50 million yuan were razed to the ground, but the construction of new buildings was delayed, bringing mystery to the two empty cou...

After mowbray`s mansion had been flattened, the iron general tightened his grip on the empty courtyard gate and still couldn`t stop the vandals from starting to dive

In one of the most expensive streets in Melbourne`s top rich district, Toorak, two old mansions bought by two wealthy Chinese merchants for nearly $50 million were razed to the ground, but the construction of new buildings was delayed, bringing mystery and much suspicion to the two empty large courtyards.

Two of the most expensive vacant homes in Melbourne after the mansion-lined St Georges Road, which had been pushed flat next to each other, became the two most expensive vacant homes in Melbourne.

A few years ago a Chinese buyer bought a 1920s-built mansion called Mowbray at 18 St George`s Road for nearly $40 million, setting a record for a Melbourne mansion.

The once magnificent six-bedroom mansion, which occupies 5000 square meters of land and has a swimming pool and tennis court, has been bulldozed in recent months by a fire and vandals have begun to dive into the empty courtyard, despite the iron general`s tight grip on the gate. Mowbray`s family name remains on the brick columns on either side of the gate.

The property is under the name of Qi Yang, according to the rights documents. 《 Australia Financial Review reported shortly after the deal was completed that Qi Yang received approval from the Foreign Investment Audit Committee (FIRB) to buy it and paid up to $5 million in stamp duty.

Mr Stonenington`s government said owners had not proposed any plans for the property after getting a demolition permit in May last year.

There were no signs of any building craftsmen coming in and out next door, with the old mansion, Idylwilde, demolished in 2015, sparking a strong community test of the destruction of protected heritage.

Owner Bao Xiaoyan, whose name is Kylie, bought the landmark at 16 St. George`s Road for 18.5 million yuan in 2013 but is now overgrown with weeds and surrounded by security fences after demolishing the old house.

The lack of reconstruction projects has prompted speculation that owners are stocking up for sale.

Because the owner put the property on the market for $40 million last year, after she planned to build a $18 million mansion.

Protected building Idylwilde caused outrage among residents when it was demolished in 2015

However, a high-end property salesman seems to find the price a little out of the question. `It`s really lucky for owners to be able to sell at a price close to that,` he said.

Property observers believe the two Chinese tycoons "paid the highest price" for their old mansions. "

If a third mansion were to be demolished down the street, the two vacant wide estates would soon be merged by another wider open space.

The 7,200-square-metre empty home at 29-31 St George`s Road is quietly on the market for sale after sitting idle for 30 years.

In 1991, the Yu family bought the real estate for $5 million, rumoured to be asking for up to $75 million.

Mowbray kept the highest deal for a Melbourne mansion until Sarrington, a former Australian governor`s private residence in the Malvern district, sold for $52.5 million in 2018.

Residents were delighted to see a magnificent new mansion built at 18 George Road. But they took another approach to the demolished protective buildings next door. Discontented, there is a harsh look at what kind of building will emerge in the future.

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