twitter. It is notable for its use as Melbourne's first Government House and having inspired the name for the suburb of Toorak.. Jackson is believed to have borrowed from Woiwurrung language, with words of similar pronunciation, meaning either black crow or reedy swamp.. Toorak … A $9 million Toorak house is set to be knocked down to make way for a boutique luxury apartment development by National Basketball League owner Larry Kestelman. Toorak residents furious as developer begins demolition of $18.5m mansion Emily Power Oct 21, 2015 Toorak residents are furious that the owner of a landmark local mansion has begun tearing down the house after a failed heritage protection bid.
Toorak residents furious as developer begins demolition of $18.5m mansion $18.5 million mansion destroyed A historic mansion is torn down in Toorak. The now-demolished seven-bedroom Federation house that stood there was the home of Diana Baillieu, mother of former Victorian Premier Ted Baillieu, until she died aged 93 in 2008. Video by Emily Power and Kirsten Robb.
“This is an issue that is not going away.”Mr Lennon said he supported the government’s vacancy tax because it may incentivise owners to put properties on the market, and reduce supply pressures.“There is a wider social issue here and a wider economic issue about underutilised assets,” Mr Lennon said.
Locals say the demolition of the grand house at 16 St Georges Rd — one of Melbourne’s most exclusive streets — is “sacrilege”. The new tax, announced earlier this year, will be 1 per cent of the property’s capital-improved value and will apply to homes vacant for more than six months of the year.But questions remain over how the levy will be implemented, given there is no reliable data presently collected about empty houses in the state (many organisations rely on utility usage).
The French Renaissance-style mansion, in one of Melbourne’s most expensive streets, remains a ghost house.Landbanking, a term that refers to buying up property and holding on to it with the intention of a future sale or development, is considered widespread in Melbourne.The most infamous are in prestige pockets like Toorak, but housing experts say it’s happening in Melbourne’s growth corridors and high-density buildings in the inner city.Amid what has been dubbed a housing affordability crisis and a tight market for renters, the state government has moved to introduce a vacancy tax it hopes will free up property. And whether the market is a little bit better today or a little bit worse today doesn’t really matter,” he said, adding that buyers may not move in for another three years.The existing home at 300 and 300a Williams Road on a block of 1123 square metres was advertised for sale as an opportunity for redevelopment with price expectations of $9.2 million to $10.12 million.A caveat was slapped on the site late last month by an entity directed by Mr Kestelman.Agents on the deal were Tim Derham and Sam Goddard of Abercromby’s Real Estate, who both declined to comment on the identity of the buyer or the final sale price.Mr Derham said four bidders, all developers, competed to snap up the site, drawn by the lack of heritage restrictions on the building.“It was a corner site, so that obviously attracted people to it,” Mr Derham said.Mr Goddard said the home was “liveable, but it would need renovation”.“The reason this property was appealing to a number of big developers was the flexibility of what they could do with it: no heritage [restrictions], the ability to put multiple levels,” he said.“There’s definitely a demand for large allotments that have flexibility.”The sale follows other large estates in Melbourne’s inner east being demolished for new builds.In Hawthorn, two Victorian homes were reportedly bulldozed before Christmas, prompting resident concerns about loss of architectural history.A petition to stop the demolition of an Armadale residence has gained more than 8000 signatures and attracted the attention of federal Greens candidate for Higgins Jason Ball.The 1880s Armadale home could have had apartments built behind it while protecting the facade, he said.“We definitely need more density in the inner city, especially around public transport hubs, but we can both have that while protecting heritage,” Mr Ball said.A $9 million Toorak house to be knocked down for Larry Kestelman-led apartment projectThis Toorak home is set to be turned into apartments. The family home was in need of renovation and will be transformed, together with a neighbouring block of flats, into a new project aimed at local downsizers. The house was known as Idylwilde and marketed as a “home for the generations”, but Ms Bao applied for a permit to knock it down. A HISTORIC Toorak mansion worth about $20 million is being torn down, despite the local council’s efforts to obtain heritage protection for it. “It’s in nobody’s interest for assets of any kind to sit idle, including property assets.”Toorak mansion demolished but 18 months on, the site is an ‘ugly paddock’ Toorak House is a mansion located in Melbourne, Australia built in 1849 by well-known Melbourne merchant James Jackson. There is no word on what owner Xiaoyan “Kylie” Bao has planned for what one neighbour described as an “ugly paddock”, that she bought for $18.5 million.And just a short walk away is an unfinished 19-room mansion, collecting cobwebs since it was bought in 1991 for $5 million.Applications to build units on the land have been knocked back since then, and real estate agents have never been able to convince property tycoon David Yu to sell.
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