Parkside home sale smashes Albert Park record
Cashed up Ryco Hydraulics chief executive officer Leigh Morrison has quietly purchased a c1868 Victorian on one of the largest blocks on Albert Park’s exclusive St Vincent Place.
The speculated price – $14 million – sets a record for the enclave, five kilometres south west of Melbourne’s CBD.
It is also a windfall for the vendor, founder of organic tampon manufacturer, Aimee Lock, who paid $9.22m in a deal agreed in mid-2020, settling in March, 2021.
An extension and renovation of the then four bedroom dwelling, costing nearly $740,000, was completed 12 months ago.
The site spreads 733 square metres.
St Vincent Place North, where the Morrison home is located, and South – their respective locations around the historic St Vincent Gardens – are often rated with nearby Beaconsfield Parade and some streets in South Yarra’s Botanic precinct, and East Melbourne, as having the state’s highest land rates per sqm.
Another nine figure St Vincent Place deal
The Morrison deal would smash the $12m suburb record set when Flight Centre co-founder Geoff Harris picked up 69 St Vincent Place South in mid-2014 (story continues below).
For some agents, that transaction is still considered Albert Park’s priciest as it included neighbouring properties to form an amalgamation – #67, which cost $4.21m and 50 Bevan Street ($3m).
Other nine figure sales in the suburb – all in St Vincent Place – include #73 and #53, which collected $11.4m and $11.15m respectively, in 2021.
Another home in the street, #21, traded eight months ago for $10.5m.
Jellis Craig’s Simon Gowling represented Ms Lock.
Mr Morrison sold the bulk of his interest in Ryco to Italy’s Manuli Rubber in 2021; the business was then turning over c$820m a year.
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