Grand estate’s $40m price tag divides Melbourne luxury market

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Melbourne estate Shrublands has returned to the market with a $40 million guide two years after trading for $29 million, while CFO’s trade places in Sydney.

has returned to the market with a $37 to $40 million price guide after trading just two years ago for $29 million. The Canterbury property is being sold by low-key businessman Ali Ali, who purchased the 6,500 square metre Balwyn Road landholding from Anne and Michael Williams in 2021.

He also noted the property had already received international and interstate interest due to its residential and commercial potential, which include a business centre, function centre, offices, commercial kitchen and an attached but self-contained caretaker’s residence. The sale represents strong growth for the Flower Power CFO – representing $260,000 a year over 13 years for the property he picked up in 2010 for $1.82 million.Mr Spiteri along with founder Nick Sammut and his son and CEO John Sammut head up the successful gardening chain which has 10 stores across greater Sydney and has developed a cult-like following.

 

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