Last November, it is the Radical Terrace’s understanding that ‘Edzell House’, a landmark 1891 Reed Smart & Tappin designed Queen Anne home at 76 (-86) St Georges Road sold for $11m. During Edzell House’s multi-year marketing campaign, plans for subdivision were flaunted. Most notably, MGS Architecture-designed plans for a riverfront abode with 5-bedrooms and a copper roof were revealed.
Fast forward to today, and up appears a half-acre (1800sqm) block of land (without any council approved plans being advertised) listed through RT Edgar agent David Colbran for $8m+. It’s a big price, indeed. And even though this property scores an uber-prestigious St Georges address (a hyphenated one at that!), comps for this block of land likely sit on the less-salubrious Yarradale Road (where number 15 sold for $6.75m in Jun 2011 and sat on a river-fronting 3,160sqm block of land nearly twice the size of the featured property), Edzell Ave, and the other even, high-numbered homes of St Georges Road. Surprising to some, Yarra River frontage was notably less desirable at the time of subdivision of the great estates in the inter-war years (Edzell House was originally on 70 acres) due to the low-lying and dank location adjacent to the quasi-industrial and smelly Yarra River. Perhaps better comps for this chunk of land lie off Coppin Grove in Hawthorn where some of the larger river front estates remain undivided and sit at a higher elevation (12 Coppin Grove sold for $17m in Jul 2011 and is now looking to chop off 3,000sqm of the original 5,000sqm title for $7m+), #21 for $10.75m in 2002, and three other sales between $5 and $10m in the last five years). All in, the acquirers of 76 St Georges Road are likely very happy with themselves; seeing that if they score their desired asking price, they will - in effect - have purchased the Edzell Mansion for a paltry $3m.
Check out the old renderings of a possible home at 82-86 St Georges Rd, courtesy of MGS Architects via 76 St Georges Road’s old listing site (that’s surprisingly still live to our good fortune):
The listing: 82-86 St Georges Road, Toorak