What happens next to Melbourne's $25m Golden Mile mansion?

A home on Melbourne’s coveted Golden Mile has been purchased after a campaign in the realm of $25 million but the buyer may wish to fork out even more cash.

The seven-bedroom, three-level residence at 5 St Ninians Road in Brighton, on the waterfront in the high-end bayside suburb, can be lived in immediately.

However, its “true potential” is in future development, the listing explains, which opens the possibility of an even grander estate to emerge.

SOLD - $23,000,000

5 St Ninians Road, Brighton VIC 3186

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The deal was done on August 22, through Marshall White Bayside.

“Recently revitalised to meet modern standards, this residence is poised for immediate occupancy,” the listing says. “Yet, its true potential lies in the prospect of future development. Imagine crafting the next chapter of this illustrious estate, whether by fashioning the ultimate bespoke residence or embarking on an upscale apartment or townhouse project (STCA).”

An absolute beachfront estate, the location is its major drawcard. Not only is it in Melbourne’s power and celebrity suburb, it’s also along a prestigious stretch known as the Golden Mile. Here, homes are luxurious, on large land parcels, owned by some of the wealthiest Victorians and in limited quantity.

Brighton is an affluent suburb of Melbourne, 11km southeast of the CBD, and home to sports stars and business movers and shakers.

The Golden Mile is the colloquial term for the streets between St Kilda Street to the east, Head Street to the north, the Brighton Yacht Club to the south and the beach to the west.

The property is on the books of Ben Vieth, Andy Nasr and Kate Schuster of Marshall White Bayside, and during the campaign it had a price guide of $24.95 million to $25.95 million.

The property is on a block of about 1800 square metres, offering uninterrupted views of the bay and city skyline.

Exterior photos on the listing reveal arched windows and multiple balconies that exploits its stunning location.

The floorplan reveals bedrooms and multiple living and recreation zones on the basement, ground floor and first floor.