Melbourne's Ascot House on the market with price hopes of more than $8 million
A Victorian mansion built in 1860 and held by the same family since the 1970s is being pitched to high-net-worth buyers in Australia and overseas after being put on the market with price expectations of $8 million or more.
‘Ascot House’, built for Melbourne’s former lord mayor John Thomas Smith, is currently being used as a licensed reception centre – a purpose it has served since the early 1900s – and has been owned by the Patinyotis family since 1979.
But current demand for prestige property in the Melbourne market, along with the property’s unique 4500-square-metre setting, could see it transformed back into a residence under a new owner, according to agent Nathan Mufale, senior manager CBRE Melbourne city sales and development sites.
“I feel that it would appeal to a trophy residential buyer who wants that proximity to the CBD, their own compound. We’re expecting interest from major international and local occupiers from a residential perspective,” Mr Mufale said.
“Melbourne’s residential market has experienced unprecedented demand over the past six weeks, mainly driven by a shortage of supply coupled with recent interest rate cuts. Melbourne has experienced its third consecutive monthly capital gain with dwelling values rising 3.4 per cent over the past quarter,” said CBRE’s David Minty, who is selling the property with Mr Mufale.
The property at 50 Fenton Street, Ascot Vale, has manicured gardens and views of Flemington Racecourse, two commercial kitchens, a grand ballroom and off-street parking for 40 cars.
The Heritage Council of Victoria’s entry for Ascot House notes its association with John Thomas Smith, a seven-time mayor of Melbourne and later a member of the Victorian parliament.
The house, which originally sat on 58 acres, was sold to Arthur Fenton in the early 1900s, when it was transformed into reception rooms.
Mr Mufale said that this history made the property a unique proposition.
“It’s genuinely one of a kind, this scale, the land size, the building character, the appeal,” he said.
The property could also be used as an aged care facility, hotel, corporate headquarters, legal or medical offices or a gallery, according to Mr Mufale, who added that an internal conversion would need to take place for it to be habitable as a residence.
Ascot House will be sold via expressions of interest closing November 29. The reception centre business will remain in operation throughout the campaign.
Historic Sydney property
A prominent heritage property in the north-western Sydney suburb of Glenwood is also on the market.
Glenwood Park, built between 1846 and 1884, according to the NSW Office of Environment and Heritage, is noted for its association with two prominent colonial families, the Cocks and the Staffs, who ran dairy cattle and established an orchard.
The property, which at one time covered 70 acres but which now is approximately 2400 square metres, was most recently used as a doctor’s surgery and chemist, but could be turned in to a religious centre, seniors housing, group home or community centre, according to the listing.
