Property Development

Ascot House tipped to smash Ascot Vale suburb price record

Written by The ReReport
As seen in the Source link, written by couriermail.com.au on 2019-10-27 10:03:33

50 Fenton St, Ascot Vale - Ascot House - for herald sun real estate (1)

Ascot House might sell for more than $8.5 million, but it could be to a developer.

The historic Ascot House has been earmarked as a potential development site as it prepares for its first sale in decades.

With expectations the 50 Fenton St, Ascot Vale estate will sell for more than $8.5 million — a suburb record — prospective buyers are expected to include developers.

Built in 1860 as a residence for then Melbourne Lord Mayor John Thomas, the meticulously maintained mansion has become a favoured wedding venue.

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CBRE Melbourne city sales and development sites agent Nathan Mufale said the property would be on the market in the coming weeks and sold before the end of November.

50 Fenton St, Ascot Vale - Ascot House - for herald sun real estate (1)

The meticulously maintained home’s gardens are a popular wedding venue.

50 Fenton St, Ascot Vale - Ascot House - for herald sun real estate

It’s also on a huge piece of land in a popular suburb.

“We are expecting it to appeal to a broad range of users including aged-care operators, developers and residential occupation,” Mr Mufale said.

“There’s nothing like it in size, scale or prestige in the area.”

While a developer might buy the site, heritage protections would ensure the original homestead is retained.

50 Fenton St, Ascot Vale - Ascot House - for herald sun real estate

The house is still stunningly appointed and retains much of its old-world charm.

50 Fenton St, Ascot Vale - Ascot House - for herald sun real estate

Ornate fireplaces, chandeliers and decorative carpets feature throughout the mansion.

If sold above $8.5 million, the estate would be the priciest property ever sold in the suburb by more than $1 million. Ascot Vale’s median house price is $1.18 million.

The Patinyotis family have owned Ascot House for the past 40 years and have pledged to ensure all existing wedding bookings are honoured via a short-term leaseback if required after its sale settles.

50 Fenton St, Ascot Vale - Ascot House - for herald sun real estate

Commercial bathrooms could suit a range of future uses.

50 Fenton St, Ascot Vale - Ascot House - for herald sun real estate

Hundreds of guests can be accommodated in the property’s various sprawling rooms.

“All the currently booked weddings should be covered,” Mr Mufale said.

The 4500sq m property is covered with manicured gardens and has views to Flemington Racecourse.

The main house now includes a fully-licensed reception centre with two commercial kitchens, a grand ballroom and parking for 40 cars.

50 Fenton St, Ascot Vale - Ascot House - for herald sun real estate

Its many period details have been the backdrop for numerous happy wedding photos.

50 Fenton St, Ascot Vale - Ascot House - for herald sun real estate

The popular venue has been the site of many Melbourne events.

Mr Mufale said potential future uses included as a grand residential home, hotel, legal or medical offices, and potentially even as a gallery.

“Gallery space is highly sought in Melbourne and operators love this sort of property because it complements the artworks,” Mr Mufale said.

Nearby public transport includes train stations and tram stops.

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An expressions of interest campaign is expected to conclude in late November.