Shao family revealed as Toorak penthouse buyers

The Shao family have emerged as the buyer of the record-setting Toorak penthouse that came with initial $20m hopes.

Cullen, one of the first residences in Brisbane’s Hamilton Hill.

The Shao family have emerged as the buyer of the record-setting Toorak penthouse that came with initial $20 million hopes. They managed to secure the Washington Street apartment for $14m, then buying the display furniture, almost double the prior $8.2m record. The sale triggered an explosive commission battle between two top estate agents that went public despite the Real Estate Institute of Victoria’s attempt to resolve it on a confidential basis. Developers Orchard Piper also had celebrity US agents the Altman Brothers lending their name to the marketing. The 1000sq m space boasts a pool, yoga room, sauna and 1300-bottle wine cellar, plus a private lift from its four car-garage. One of six residences in the development, it occupies the entire third floor. The priciest Toorak apartment this year has been down the road, where developer Venise Reilly, a construction industry pioneer, sold a Washington Street penthouse off the plan for more than $7m to a Toorak local. The sale of the 320sq m residence, a collaboration by Visioneer Builders with Domaine Partnership, was secured by Kay & Burton colleagues Michael Armstrong, Tom Staughton and Phillip French.

Historic home up for grabs

Cullen, the Hamilton home in Brisbane dating back to the 1930s, has been listed for sale for the third time. One of the earliest Hamilton Hill residences, Cullen was constructed by engineer Edward Cullen to a design from architect Mervyn Rylance. The Georgian-style home made front page news at the time for its grandeur. For four decades the Malouf pharmacy family owned the home, which last traded for $2.4m in 2017. Ray White New Farm agent Christine Rudolph has the listing for Craig Emanuel, an executive director of Morgan Stanley, and wife Samantha, the founder of Milo and Macy Shoes, a boutique in Ascot. The family relocated from Sydney five years ago and have found their next dream home just nearby.

Pre-fab king’s Toorak listing

Sydney-bound prefab building entrepreneur Nick Leos and wife Emma are selling their Toorak home. They recently emerged as the $16.5m buyers of the Bellevue Hill home sold last year by fashion designer Camilla Freeman-Topper and husband David. They paid $3.51m for the three-bedroom Toorak home in 2015 before renovating the 1938 Marcus Martin-designed family residence. There’s $7.5m-$8.2m price guidance through Kay & Burton agents Ross Savas and Phillip French.

Ex-Dockers boss’s score

Former Fremantle Dockers president Rick Hart has sold an East Perth investment apartment. The businessman, who made his money in retail selling electronic appliances, scored $1.3m for the unit, nearly double the $665,000 paid in 2000. It had ambitious of $1,699,000 when listed over a year ago through Real Estate 88 East Perth agents Jasmyn and Peter Wright. Set on the seventh level of boutique complex Parkside, the renovated apartment with 180sq m of internal living has three bedrooms and two bathrooms.

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