Brooklyn Arts Hotel in Fitzroy sells at auction for $4,625,000, to become private home
A boutique hotel in Fitzroy has sold at auction for $4,625,000, marking the end of its 100-year-plus run as accommodation on Saturday.
The 12-bedroom Brooklyn Arts Hotel went under the hammer in front of a big crowd, gathered to see the closing of the bohemian terrace’s latest chapter.
The building at 50 George Street was listed for sale with a price guide of $4.2 million to $4.5 million. Bidding was slow to start, climbing from the bottom of the range, before the property was placed on the market at the top with some spirited bidding between two parties.
It sold for $4,625,000, $125,000 above reserve.
Former owner Maggie Fooke said it was a bittersweet day for her.
“It was a difficult decision. I’m very fond of the guests,” she said. “I figured I wasn’t going to be here in 10 years’ time so I might as well do something now.
“[I’ve] set myself up for another 10 years!”
Auctioneer and Nelson Alexander agent Arch Staver said the piece of “old Fitzroy” would now be converted into a private home.
“What Maggie has done with it is just absolutely amazing and a real credit to her, but now it will be closed up again and no one will see it,” he said.
Ms Fooke said the history of the building, thought to have been accommodation since 1901, made it special.
“I hope the next people are sensitive to the feel of the building,” she said. “It has survived for a long time in this state, with minor changes, and I sense the changes might be quite dramatic.”
It was one of 757 auctions held in Melbourne on Saturday.
By evening, Domain Group had recorded a clearance rate of 75.5 per cent from 451 reported results.
Earlier in Brighton East, a four-bedroom home went $320,000 above its reserve, after a fierce bidding war between two buyer’s agents.
The first bid for 11 Ferguson Street was above the top of the quoted price guide and reserve of $1.6 million, at $1.69 million.
From there the two advocates battled it out, trying a range of different tactics to throw the other off. It eventually sold to a young family represented by Alexandra Ruffell from WoledgeHatt Buyer Advocates.
They paid $1.92 million for the house.
The Victorian-style home was renovated by its seller in the early 2000s, and was redesigned as his ideal family home.
Vendor Paul Creasy said he tried to give the home a period feel.
“When I do a renovation, I try to do it the way it was,” he said. “When I purchased this house in 1996, it was bastardised by the other owner who took the period features out and made it very simple.
“A house like this we needed to put the period features back in.”
Mr Creasy was happy with the price, and said he was happy for the family who bought his old home.
“I don’t know them and I hope they can love the home like I did,” he said.
Marshall White’s Ben Vieth had the sale and said he was surprised by the blowout result.
“There’s been some good sales around here but it’s hard to value on past sales because the market was weaker,” he said.
“I certainly think the bottom of the market has been and gone, what we’ve found was around the bottom of the market there was nothing to buy so it was irrelevant.”
Further east in The Basin, a family home sold for well above its price guide, at $1,041,500.
Six bidders contested the auction for 16 Walker Street, a four-bedroom home on 4069 square metres of land, about 40 kilometres from the city.
The home had a price guide of $850,000 to $925,000 and Fletchers Real Estate agent Frank Kouzi did not disclose the reserve.
“The guide was set based on some comparables in the area and in line with the vendor’s expectations,” he said.
Mr Kouzi said the auction was hard fought. “It went on for a while at $500 a bid and people who said they were out just kept coming back in.”
He said the vendors were pleased with their sale. “They’re empty nesters so it’s their last move, they were rapt,” he said.
“The buyer confidence is improving in Melbourne and we’re seeing a lot of participation in bidding.
“A lot of people are confident now that things have started to settle down with the banks.”
In Malvern, a three-bedroom house with a deep garden and scope to be extended drew five bidders and sold under the hammer for $2.47 million.
The residence at 34 Somers Avenue was on the market at $2.1 million before being snapped up by a young couple upgrading from an apartment on St Kilda Road, selling agent Grant Samuel of Kay & Burton said.
It had “probably been a good 18 months” since the last time he had that many bidders at one auction.
“We are starting to see a lot more buyers out at auction,” he said.
“Buyers are able to get finance, which probably held things up 12 months ago.”
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