Billionaire Paul Little snaps up school-owned South Yarra mansion for $18m+

Billionaire property developer and former Toll Holdings boss Paul Little has agreed to buy a historic South Yarra mansion from Christ Church Grammar School for at least $18 million.

The buyers, Mr Little and his investment banker wife, Jane Hansen, plan a major restoration to transform Simonds Hall – a former house-turned-conference centre – back into a residential home after snapping it up in a secret deal before Christmas.

Mr Little lodged a caveat on the property in December, public records show. The price will become public at settlement but is at least $18 million, according to four sources with knowledge of the deal but not authorised to speak publicly.

Although the building is structurally sound, it will offer a multi-year renovation project to its new owners, who previously restored their landmark Toorak residence Coonac and Namarong in Armadale.

“We have a real interest in restoring these old buildings,” Mr Little told Domain.

“Simonds Hall is a magnificent building that we are very excited about being able to restore.”

It will be a long-term project, with a lengthy settlement followed by a renovation that could take the best part of three to four years, he said.

He praised the home’s aspect overlooking Fawkner Park, its landholding of about 2000 square metres and its “massive potential”.

“[We can] give Melbourne back another one of its beautiful buildings.”

As for the future of their current Toorak residence, for which they paid $14.5 million in 2002 in what was then the Melbourne record?

“We won’t make a decision about that until we finish the building. At this stage there are certainly no immediate plans,” Mr Little said. “We are not even thinking about that.”

Selling agent on the deal, RT Edgar’s Antoinette Nido, confirmed the private sale but declined to comment further and would not be drawn on the identity of the buyer.

Five buyers – a mix of local homebuyers, international investors and developers – fought it out for the parcel.

Christ Church Grammar School bought the building in 2013 for $9.625 million, public records show.

The school said in a statement that although it bought the block to provide campus options, direct use of the property was now not seen as part of its plan for the future.

“The board considered all options and, following extensive discussion, determined that it should be sold,” the school said.

“Just prior to Christmas, the property did sell at a price favourable to the school, and its release will enable us to embark on improvements to the fabric that would otherwise have been very difficult.”

Simonds Hall was built in 1885 in the Italianate style and features an elaborately decorated facade and a dome-capped tower.

Mr Little was valued at $1.77 billion in the most recent AFR Rich List.