140-year-old St Kilda mansion a rare commercial prize

One of Melbourne’s oldest mansions and a rare piece of St Kilda’s history is set to have investors scrambling, with St Kilda Hill property “Stanthorpe” on the market.

The grand property, built in 1874 as the residence of wealthy Scottish merchant Andrew Sutherland, was once a destination for the city’s upper class, and sits atop St Kilda’s highest point.

Fully restored in recent years, the heritage-listed mid-Victorian property at 42 Barkly St is zoned for commercial use, and could be used as corporate offices, medical suites, legal offices, a gallery or for hospitality.

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The landholding spans more than 1800sqm, with a 31m frontage to Barkly St, while the building has an 800sqm floorplate.

The mansion features 800sqm of floorspace.

There may also be scope to convert the mansion back to its residential roots, subject to council approval.

CBRE’s Mark Wizel, who is marketing the mansion with fellow agents Bianca Butterworth, Lewis Tong, Nathan Mufale and Thomas Mosca, says it could be years before another mansion of this scale is offered for sale again.

“The rarity of this offering can’t be overstated. Interest has been generated from a range of buyers,” Wizel says.

The property sits high atop St Kilda Hill.

“This is one of the last remaining historic mansions in St Kilda that has the flexibility to revert to a private residence or be utilised as a corporate headquarters or office, with space for over 75 staff.”

The last major mansion sale in St Kilda was in 2010, when “Airlie Mansion” at 452 St Kilda Rd was sold to Chinese developer LYZ Group for $7 million.

Butterworth says the property, which is being advertised internationally, will draw considerable interest from a range of potential buyers.

The mansion is considered suitable for offices, hospitality or medical suites, among other uses.

“The property has great appeal and we expect interest from entrepreneurs, medical, hospitality operators and residential buyers,” she says.

“Flexible floor plates and design allows for a diverse mix of buyers and the property offers convenient off-street car parking for 25-plus, which is a rare find. This will also appeal to the astute investor wishing to secure a property with great future income potential.”

42 Barkly St is being sold via expressions of interest, which close on September 22.