The Myer family’s mansion at 62 Clendon Rd, Toorak is on the market, with expressions of interest closing today.
The historic Myer Family mansion in Toorak has moved a step closer to becoming Victoria’s first $100m home sale as a “Trump bump” washes over the well-heeled suburb.
An expressions of interest deadline for prospective buyers ended at 3pm on November 11, with a second phase of the sale now likely underway, with the US election result being touted by a key Toorak insider as helping to drive other high-priced sales in the suburb.
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The 62-62A Clendon Rd estate named Cranlana comes with a ballroom and extensive gardens across its 1.1ha allotment, and hit the market with an unprecedented $96m-$105m asking price earlier this spring — the first to be listed above $100m.
Marshall White’s Marcus Chiminello listed the home for sale with Charter Keck Cramer acting as transaction advisers for the Myer Family Investments in an expressions of interest campaign with a 3pm November 11 deadline.
The grounds of the property, which has been owned by the family for decades.
Mr Chiminello said it had yielded a “response as we had expected” and been exceptionally popular.
While he could not discuss the particulars for Cranlana, the Marshall White director said what typically happened from here in an expressions of interest sale was a second phase in which interested parties were identified and further discussion built towards a result.
Mr Chiminello said that would typically end with a “definitive decision” being made about the property, though not always in a sale.
“Sometimes that can take days or sometimes that can take months,” he said.
Prominent buyer’s advocate David Morrell said the pointy end of the sale would be interesting, with buyers who had looked at the home commenting that there would need to be time and money spent on renovations for the grand residence — with heritage consultation required.
Inside the Myer family mansion.
However, Mr Morrell noted that with a handful of high-end sales in Toorak since Thursday last week the suburb appeared to be getting a bit of a “Trump bump”, with international interest seemingly firming on some homes since the end of the US election.
Mr Chiminello confirmed a deal had been done in the past few days for the former Toorak home of Lleyton and Bec Hewitt, an opulent residence at 34 Heyington Place listed for $14.5m-$15.5m.
And just hours before the end of the Cranlana deadline, a home at 14 Linlithgow Rd, advertised for $17m-$18.5m, sold ahead of the end of its expressions of interest campaign.
Mr Chiminello could not discuss prices for either.
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Originally bought five generations ago by Sidney and Merlyn Myer in 1921, Cranlana has passed on through mutltiple generations of the prominent family.
When it was listed for sale it was described by Myer Family Investments chairman Sidney Myer as “an important and treasured home” that had hosted many generations of the well-known family.
“Indeed, Cranlana in its own right, is of important cultural and historic significance in Victoria,” Mr Myer said.
The huge estate in Toorak sits on a 1.1ha allotment
He added that with the fifth generation of Myers expanding, they had decided now was the time to pass on the keys to the home and its “magnificent garden” to a new custodian.
Since the passing of Dame Merlyn Myer in the 1980s, the home has been used for philanthropic events and Myer family gatherings.
Expressions of interest sales listings have become more common around Melbourne, but have traditionally been reserved for high-end homes where public auctions are unlikely to suit purchasers and a timeline is desired by the seller.
Transaction advisers are rare in the top end of Melbourne’s housing market, but provide support for the vendor throughout the sales process.
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