New Toorak build fetches about $14 million despite coronavirus

Melbourne’s prestige property market marches to its own drum even during pandemics, with a striking new build in Toorak selling quietly for about $14 million.

The seller was a corporate entity linked to home-building empire king Gary Simonds, founder of volume home builder Simonds Group. The development was part of their Prestige by Simonds Family range.

Marshall White director Justin Long confirmed the sale of the Kilsyth Avenue residence when contacted by Domain, but said the price was confidential.

“It’s a stunning new, and quite contemporary, design, which is uncommon in Toorak,” Mr Long said.

“We have had numerous French provincial traditional-styled homes offered to the market in recent years. It is one of the first ultra-modern homes.”

Its block of about 800 square metres and proximity to Toorak village were also drawcards, he said.

He has also listed another of the group’s new contemporary homes at 3 Bellaire Court with a price guide of $10 million to $11 million.

The exact price and identity of the buyer at Kilsyth Avenue will become public on settlement and no transfer has yet appeared on title records.

It sold for at least $14 million, according to three sources with knowledge of the deal who could not speak publicly.

The block last traded for $6.5 million in 2018, public records show.

Despite the economic hibernation prompted by the COVID-19 outbreak, Melbourne’s well-heeled sellers and buyers are still willing to do deals if they find the right opportunity.

An Albert Park home found a buyer in the ballpark of $7.4 million last week, while a grand residence on the same street fetched $9.01 million in one of the last public auctions before the sales method was banned.