Sussan Group director Naomi Milgrom has embarked on a major renovation of the 120-year old Beaconsfield Parade property acquired from the Danish Club two years ago.
At present, the bulk of what remains of the Middle Park building, Hughenden, is the facade.
The restoration cost has been speculated at c$20 million.
Upon completion, the home should be the suburb’s priciest.
The businesswoman and philanthropist will relocate from Toorak.
After dwindling membership, Danish Club sold the property off-market and relocated to rented accommodation in town.
It occupied Hughenden since about 1938 – adding function rooms and squash courts.
Earlier this year, offshore developers paid $10m for the former Naval & Military Club in Little Collins Street.
That deal included permission for the association to move into part of a 32-level apartment-based redevelopment.