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Earlier this month, Sydney’s luxury housing market witnessed two significant transactions as Leo Lynch, the owner of flower wholesaler Lynch Group, both purchased and sold residential properties amounting to a total value of $130 million. At the heart of this dual transaction is the prestigious Federation estate known as Leura, located in Bellevue Hill. The property was sold to Lynch for approximately $70 million by Wilson Lee, a Chinese-Australian businessman, and his wife, Baoyu Wu. Remarkably, the selling price exceeded double the amount they originally paid for it back in 2015
Simultaneously, Lynch’s acquisition of the aforementioned property aligned with his sale of his own recently reconstructed residence located a short distance away, which fetched an Impressive $61.5 million. This deal has surpassed the previous record for the highest sale price in the neighborhood, which was held by the expansive Rona estate spanning 5700 square meters. The Rona estate had been purchased in 2018 for $58 million by Richard Scheinberg, a member of a prosperous cattle and property investment family. It is widely believed that Brad Pillinger, a renowned figure in the industry, was likely involved in facilitating both of these sales.
Lynch’s recently acquired residence, Leura, is an impressive mansion constructed in the 1890s. This grand property features eight bedrooms, eight bathrooms, a ballroom, tennis court, and swimming pool. It was designed in the Federation Queen Anne style by Walter Liberty Vernon, a government architect, and Howard Joseland, an architect. The expansive estate spans over 4260 square meters. Prior to Lynch’s ownership, the property was possessed by Christine and Ken Allen, who purchased it in 1986 for $7.3 million from property developer Bill Shipton
Lee, an enthusiastic sailor and the leader of Noah Holdings, a Chinese wealth management service provider, initially listed the Leura mansion for sale two years ago when he relocated to Shanghai. The property was listed with a price guide of $70 million. Remarkably, over the past eight years, the value of the Leura mansion has more than doubled since its last transaction. However, Lynch has achieved even greater success with his residence on Kambala Road, which is in close proximity.
Lynch acquired his current house in Bellevue Hill back in 2014 for $9.05 million. In more recent years, he initiated a complete demolition and reconstruction of the property, which spans 1338 square meters. The rebuilding process was undertaken to create a magnificent dwelling, designed by architect Michael Suttor and featuring interiors by Thomas Hamel. No promotional materials were available for the property; however, firsthand descriptions of the house portray it as one of the most remarkable in the area. The sale price of $61.5 million equates to an astonishing value of nearly $46,000 per square meter.
The wholesale flower company, established by Lynch’s family in 1915, continues to have founding family shareholders who possess a stake valued at approximately $65.5 million in the company. However, the majority ownership rests with the Australian private equity firm Next Capital.
Sydney’s prestigious housing market has experienced a surge in sales this year, with over 20 properties being sold for amounts exceeding $20 million. The highest reported sale thus far was for around $69 million, involving the Point Piper residence owned by businessman Simon Ehrlich.
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