Italian government lists $14m Melbourne mansion held decades
EXCLUSIVE
The Italian government has put a storied historic Melbourne estate up for sale after almost 50 years.
Elm Tree House in South Yarra’s exclusive Domain Precinct – considered Melbourne’s priciest pocket measured by land value – has served as the home of the Italian Cultural Institute (Istituto Italiano di Cultura) since its acquisition by the Consulate General of Italy in 1978.
The diplomatic agency has just moved out.
The Republic of Italy is marketing it directly via a formal tender campaign with a base price of $14 million.
Melbourne’s priciest pocket
On 743 square metres at 233 Domain Road, on the south-east corner of Walsh Street, Elm Tree House, c1857, was constructed as an eight-room brick and plaster-rendered residence for Melbourne businessman William Macredie, who lived there until 1891 when it passed to his daughter, Alice.
In c1920, it sold to solicitor Harry Emmerton for his daughter, Dame Mabel Brookes, and her husband, tennis legend Sir Norman Brookes, who 13 years earlier became the first non-British (English, Scottish, or Irish) Wimbledon champion.
That family sold it sold to the Italian government which adapted the residence for administration and as a cultural institute, museum and language school.
With 12 rooms, four bathrooms and access to a rea laneway, it is considered non-contributory in a Heritage Overlay area.
Commercial and residential occupiers and developers are expected to look in. The property could also be repurposed for essential services including a childcare complex or medical centre.
The Domain Precinct is bounded by Punt, St Kilda and Toorak roads and the Royal Botanic Gardens (continues below).
On a land-rate basis, the area rivals only Albert Park and Middle Park as Melbourne’s most valuable real estate.
Elm Tree House is asking $18,842 per sqm.
Based on the internal area (683 sqm) the building rate is c$20,498 per sqm.
Another international government sale
The Italian Cultural Institute relocated to 509 St Kilda Road, Melbourne, with the Consulate General of Italy – an office backing onto Fawkner Park owned since 2019 by Sunkin Property.
The listing deal comes four years since realestatesource.com.au reported the Alliance Française de Melbourne agreed to sell its Eildon mansion in St Kilda for $10.45m under a long settlement.
In 2023 it bought replacement strata suites at 140 Bourke Street for $4.95m.
Twelve years ago the Federal Republic of Germany sold Elinbank House at 480 Punt Rd – also in the Domain Precinct—for $5.1m after 59 years of diplomatic occupancy.
That buyer offered it again in 2019.
Coincidentally, Eildon is also for sale after the buyers, art dealers Gary Singer and Geoffrey Smith, decided against reopening it as an auction house and gallery space, in preference for a historic Toorak property acquired for $20m in 2023.
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