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A multimillion-dollar property has passed in at auction without a single bid after an eleventh-hour council heritage protection.
No Children, No Couples, No Large Crouds, No Hassels.The iconic estate at 16 St Georges Road was, to the dismay of local residents, torn down by the buyer after she paid .5 million in 2013.But heritage protection can adversely impact a property’s value, particularly when buyers are only interested in the land.Mr James said the council had not raised any issues about the property when contacted a week before the auction for due diligence purposes.
In a statement, the council’s chief executive Warren Roberts said: “The City of Stonnington works hard to balance a wide range of interests including the need to support and guide development at the same time as protecting heritage and neighbourhood character.” It is the latest property to become ensnared in the controversy surrounding heritage protection in Melbourne’s wealthy inner-east.
The state government has previously been urged to take a city-wide approach to heritage protection.