Rare Albert Park Victorian house sells for more than $9 million

Melbourne’s prestige property market continues to prove its strength, with a tightly held Albert Park home selling for the first time in almost 40 years.

The four-bedroom Victorian residence on one of Melbourne’s most prestigious streets was quietly updated as sold on Monday, after being advertised for sale at $9.5 million to $10.25 million. It’s understood to have fetched at least $9 million.

The deal was brokered by Simon Gowling of Greg Hocking Holdsworth, who confirmed the sale to Domain, but would not disclose the exact price, citing confidentiality.

“It was a very rare piece of real estate, the second biggest block on the north side [of St Vincent Place ],” said Mr Gowling. “It was a very good opportunity, and a local buyer purchased [the home].”

The sale comes more than two months after the St Vincent Place North property hit the market with an expression of interest campaign in March – before restrictions were imposed on the real estate industry due to the coronavirus pandemic – with a price of $12.25 million to $13.25 million.

It is only the second time in a century that the property, overlooking St Vincent Gardens, has changed hands. Records show it last traded in 1982 for $302,500.

The free-standing house named Windermere was built circa 1868, but recently refurbished. Set on 731 square metres of land, it has four bedrooms, four bathrooms, a formal sitting and dining room, an Italian-designed chef’s kitchen and a wine cellar.

It blends Victorian grandeur and modern features with the recent owners retaining period details from the original build, such as pressed metal ceilings, iron lacework and leadlight windows.

And the original stables and loft have been converted into a single garage and home office.

It is one of a number of big sales to take place in Melbourne in recent months, despite the economic impacts of the COVID-19 pandemic.

A new home in Toorak on an 800-square-metre block sold for about $14 million last month, while an Albert Park home sold for about $7.4 million the week before that in a secret off-market deal.

In March another Albert Park home sold for more than $1 million over reserve at one of the last in-person auctions held before the clampdown on public gatherings. The five-bedroom house at 92 Page Street sold for $9.01 million in an auction contested by five bidders. It sat on a comparatively smaller block of 600 square metres.

Records show it was the highest price paid for an Albert Park property since 2015, when a five-bedroom home on St Vincent Place South sold for about $11.25 million.

Albert Park has some of the highest selling prices per square metre in Melbourne as many homes are on relatively small blocks, with buyers drawn to the beachside locales and historic architecture.