PHOTO: The waterfront comes with its own private jetty.
A prosperous Chinese entrepreneur, currently based in China, has acquired one of Mosman’s most prominent waterfront residences, known as Sirius Lee, for an estimated $17 million, with additional plans to invest millions in its refurbishment.
Situated at 11 Raglan St, Sirius Lee is a historic five-bedroom, four-bathroom home dating back to 1904, featuring a private deepwater pontoon, a slipway, and breathtaking vistas of Sydney’s iconic landmarks.
Originally listed in May with an asking price of $17 million, the property did not proceed to auction in June. Instead, Bo Zhang, representing Atlas Lower North Shore, chose to target overseas buyers by showcasing the heritage home on Chinese websites.
11 Raglan St, Mosman sold for about $17m to a businessman based in China
Last week, a successful businessman from China flew to Sydney to personally inspect Sirius Lee. He visited the property twice and subsequently sealed the deal, returning to his base in China.
Zhang commented, “The buyer arrived on Thursday, viewed the house that day, and returned for another look on Saturday. The transaction was finalized at 11 pm on Monday. He admired the property’s character, historical significance, and its remarkable views. His plan is to engage local architects and interior designers to enhance and refine the property.”
Zhang has noted a growing trend since April, with an increasing number of China-based buyers, including Australian citizens and permanent residents, traveling to Sydney in search of prestigious homes. He currently has five or six high-net-worth Chinese buyers in his portfolio seeking trophy properties.
He explained, “They feel confident investing in Australia, particularly in trophy homes. Additionally, the favorable exchange rate is attracting overseas buyers at this time.”
Property records indicate that 11 Raglan St last changed hands in 2015 for $7.3 million and was owned by the Fan family.
Although Zhang could not confirm the exact sale price, it is believed to be close to $17 million.
SOURCE: realestate.com.au