Millionaire Nicho Teng’s controversial hillside property back on the market after he scrapped his French Chateau plan
The spectacular multimillion-dollar luxury Adelaide dream home – set to be demolished by a young tycoon who wanted a French Chateau instead – is on the market and receiving international interest.
East & Hills
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The young tycoon granted permission to demolish his multimillion-dollar luxury house in Springfield to build a dream home French Chateau is now selling the original property.
Multi-millionaire Nicho Teng, 32, who migrated to Australia from China in 2011, bought 48 Carrick Hill Drive, a luxury resort-style property with one of the best views in Adelaide, in April last year for $3.2 million.
His development proposal, approved by Mitcham Council, to knock over the home most people could only dream about owning, divided community opinion.
Local residents opposed the proposal on the grounds it was “non-compliant” and “an utter waste” while others defended the right of the former Glenunga International High School student to do as he pleased with his money.
The heated public response caused Mr Teng, head of the Greaton Group and a leading sponsor of Port Adelaide Football Club, to reconsider his lifestyle needs.
The spectacular 7430sq m estate, which was formerly owned by bankrupt winemaker Andrew Garrett and sits adjacent to part of the Yurrebilla Trail at the bottom of Brown Hill, is now on the market.
“The view is one of the best in Adelaide, and that alone makes the property great value for money,” Mr Teng said.
The entrepreneur founded Haneco Lighting in 2011 as a small direct-sales business in the western Adelaide suburb of Netley.
The company is now one of Australia’s largest manufacturers and suppliers of LED lighting recording triple-digit growth since it began.
Greaton burst onto the Australian property scene in 2015 with the $300 million West Franklin urban regeneration residential project, of 560 units, on the corner of Franklin, Elizabeth and Morphett streets in Adelaide’s West End.
Mr Teng said he would move into an executive apartment in the West Franklin complex that would suit his jetsetting lifestyle far more, being just 5km from Adelaide Airport.
Mr Teng told The Advertiser in July that, with the ‘Grand Designs’ quality French Chateau built, the property would be worth “more than $5 million” but it is understood he is looking for far less than that.
Selling agent Harcourt Williams has no price listed but The Advertiser believes a bid at around $3.5 million could secure the highly desirable property, with a living area of 900 sqm.
“We’ve had lots of interest from overseas, interstate and locally and feel we are getting close (to a sale) at the moment,” agent Stephanie Williams said.
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“It is undoubtedly one of the most breathtaking panoramic views anywhere in South Australia and an extraordinary land holding.
“You feel like you’re somewhere else in the world with those spectacular views to the sea, the CDB and along the plains. It is a standout offering.”
Next inspection time: Sunday, November 17, between 1-145pm.