A mysterious manor that has fallen into disrepair after sitting vacant for a decade has hit the Hawthorn market with a big asking price.
The 1876-built Italianate mansion’s $7m-$7.7m price guide essentially captured its land value, Jellis Craig partner Antony Woodley said, with the house occupying a 1950sq m block right on the Yarra River.
The buyer of 18 Yarra Grove would need to front up a couple of million more to make it liveable, the agent estimated.
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“You could be spending $4m-$5m, but who knows – someone might spend $1m to restore the house and leave it at that,” Mr Woodley said.
“How long’s a piece of string?”
He said while the manor’s history was a bit foggy, it was “one of the first homes built in the area” as part of a trio of “ornate period properties”.
As such, it enjoyed a prime position at the river bend.
Unusually, it was orientated so the front door faced the water and back the door fronted the street.
Mr Woodley said the vendors had owned the site for at least 25 years, and it had been unoccupied for “a good 10 years”.
CoreLogic records show the property last transacted for $1.18m in 1995.
He said hoped the next owner would restore the eight-room Victorian to its former glory, and engage an architect to design a modern extension that made the most of the river frontage.
The buyer could even look to build a private jetty, subject to council approval.
“It’s a relatively flat allotment compared to other properties that are almost like cliffs down to the river,” he said.
Mr Woodley expected locals would be keenly observing the fate of the well-known mansion – and some may even pursue the property during its expressions of interest campaign, which closes on October 26.
He already had several private inspections booked for the home’s first weekend on the market.
“I’ll be busy,” he said.
“It’s in such a prized precinct – you’ve got some of the best houses in Melbourne, let alone Hawthorn, nearby.”
Former Australia Post and NAB chief executive Ahmed Fahour notably sold his nearby Coppin Grove estate, Invergowrie, in July for $40.5m to Trajan Scientific and Medical founders Stephen and Anjelica Tomisich.
And on Shakespeare Grove, the mansion Avon Court is chasing a $38m-$41.8m sale, with eight bedrooms, seven kitchens, an 18-seat home theatre, two pools and a 10-car basement garage part of the elite package.
A restored Victorian on a smaller 655sq m block that doesn’t have river frontage down the road at 21 Yarra Grove is also on the market for $5.6m-$5.9m.
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Originally published as Hawthorn: Rundown Yarra Grove manor for sale for $7m-plus
