Prestige Slip in South Yarra? Or Just Good Old Fashioned Underquoting?

‘Risby’, an immaculately well-kept c1887 High Victorian fronting Fawkner Park in South Yarra, has listed for auction with “expectations around $4m”, just two years after trading for $4.31m. Even more surprising, the interiors seem to have been refreshed since then (or at least a darker stain on the wood floor was implemented with some landscaping improvements). The quick turn-around of the listing coupled with its diminished price hopes from its 2010 sale reminds us of another still-listed South Yarra terrace at 9 Kensington Road of comparable size, vintage, and diminished pricing. It also comes hot in the heels of another prestige listing in Brighton that’s priced $2m below its last sale.  Then again, perhaps it’s just a case of underquoting?!?

The three-bedroom, two-bathroom home comes with (highly-coveted) garaging for two cars and a plunge pool not frequently found in South Yarra terraces. The interiors are well-maintained and the terrace’s patrician origins are clearly indicated in a floor plan that takes fills its parcel size on both floors and possesses a bay window at the side of the house. Lesser terraces of the same era typically had a reduced upper-floor with an auxiliary kitchen accessed from the outside of the house. This home never had any of those hallmarks of middle class terrace living. In fact, this portion of park-fronting Toorak Road has been desirable since its first development. The road was among the first suburban roads paved in asphalt at the turn-of-the-century (see image below); Toorak Road’s wide and sun-filled situation did not see heavy vehicular traffic until the post-war years. By then, many of the original estates that lined Toorak Road succumbed to apartment block development. Risby, however, survived. (And comes with some damn cool casement windows to boot!)

Risby’s bay window once overlooked an extensive side garden. Thanks, once again, to MMBW.

Macus Chiminello and Nicole French of Marshall White have the listing: 82 Toorak Road West, South Yarra

More listing images, a floor plan, and a site plan can be found below. 

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‘Yarroma’ Softens Its Palette, Adds Ensuites, and Tries Again with $10m+ Hopes

‘Yarroma’, located at 12 Coppin Grove in Hawthorn’s uber prestigious St James Park Estate, has listed once again. This time, the c1871 James Conlan-designed mansion comes with a refreshed interior, a “new” master bedroom, and seemingly more subdued pricing expectations: $10m+, if Domain is to be trusted. The mansion’s new listing struck us for two reasons: 1) any home in the St James Park Estate holds a certain kind of staying power unrepeatable even in the most blue-blooded pockets of Toorak; and 2) when any home undergoes a base-level interior refurbishment after failing to sell, it signals to the Radical Terrace a certain kind of interior design demand en vogue at the top end of the market. And to begin with the latter, what is the market indicating? High Victorian is out; a minimalist (and white) homage to past is in. That, and bedrooms demand an ensuite if to be taken seriously; the master bedroom requires a bedroom-sized closet; and a butler’s pantry reigns over a laundry room. It’s all a very intuitive, albeit simple, renovation to bring Yarroma up to snuff in the modern age of real estate luxury. 

But perhaps the most important before and after lies in the floor plan:

Current floor plan above reveals a complete master suite, with a secondary bedroom converted into a closet, the subdivision of an unnecessarily large laundry room into a laundry room + butler’s pantry, and the opening up of the living room to the kitchen. Also note ever bedroom now contains an ensuite. 2010 floor plan is below.

And to all the NIMBYs out there, you may be familiar with this property for the recent scrutiny of the owner’s plans to develop an adjacent chunk of Yarra River-fronting land into luxury townhouses. The Radical Terrace sees both sides of the story. Firstly, the owner - Peter O’Brien, aquarium planner extraordinaire - tried in vain to sell the entire property as one chunk with bullish $18m+ expectations at various times over the last 2 years. The market did not respond in kind. So what’s a man supposed to do? His $10m idea for luxury townhouses is, in our opinion, no less obstructive to the Yarra River than the development of a mega mansion, which is no doubt the other option for the 3/4 acre piece of land.

That said, what we do respect is the single-family nature of the St James Park Estate. The 1870s subdivision of land was Melbourne’s first significant concentrated development of mansions and remains to this day the highest concentration of larger than life housing in the metropolitan area. The opening in 1860 of the then-named “Richmond Bridge Road” enabled the settlement of Hawthorn on the high ground of the Yarra by the city’s elite. The parcel lines were large enough to accomodate hefty mansions, but small enough not to face the piecemeal subdivision that whittled down many of Toorak’s most impressive multi-acre estates in the 20th century. There’s more juice to the story of the St James Park Estate, both in the past and present, but for now, here’s some historic map porn to enjoy:

An 1870s parcel map above. Yarroma is situated in parcel “54”. 

The oft-referenced MMBW map of 1890 showcases a partially developed St James Park Estate (above), and Yarroma zoomed in (below).

A map at the time of Federation shows a built-out, but still young, neigbhourhood.
 

A quick aside: seeing that the home was built in 1871, and presuming that the exterior has remained unchanged since construction, this may very well be the earliest use of the Hawthorn brick treatment that the Radical Terrace knows of. Can any reader help confirm or refute this claim?

The listing: Yarroma, 12 Coppin Grove, Hawthorn.

Click below for more before and after imagery and other listing photos!!

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A “Toorak Court” Residence Testing the Waters Again with $6m+ Hopes

An aesthetically pleasing, stone-filled home at the end of a court street in Toorak has hit the market once again after a 6-month absence. It first listed through Kay & Burton in May 2009 for 6 months, failing to find a buyer. It returned to market in November 2010 spending 18 months in vain, represented by Marshall White. Now, we’re treated to the home once again. Purely based on the photos provided, it’s bamboozling that this home was not a quick sell. It has a functional floor plan with solid proportions, a tennis court, pool, and a modern conservatory. And even though we strongly dislike some of the interiors (Seriously. No. More. Carpet.), they are all an easy fix. So what gives? Two potentials: this micro-pocket of Toorak, although on high ground, is a straight shot off Toorak Road and is not as desirable as other Toorak Courts situated off quieter streets. The more likely explanation is the tricky pricing of this property. Throwing off the valuation of 11 Grosvenor Court is the bizarrely bullish sale of 5 Grosvenor Court in 2007 when it traded hands for a very high $9.5m. That home, for all intents and purposes, is the inferior to #11 (smaller parcel of land, awkwardly cramped tennis court and pool, shoddy Neo-Neo-Georgian architecture…). On top of that, the vendors purchased the home for a big 1988 price: $1.5m. Those factors add-up, and if I were the vendor, I would go into the home sale expecting a big price as well. But all those hopes continued to slash the more time the home was on the market. And now this go around, Domain is indicating a far more modest $6m+ asking price. We’ll see how the desired sale pans out this go around. 

—- Just for fun —-

‘Grosvenor’, the mansion that graced the Grosvenor Estate until its interwar subdivision. Below, the original subdivision advertisement from ”The Argus”.

“A Most Suitable and Excellent Plan of Subdivision Has Been Decided Upon.

GROSVENOR COURT, the New Private Road will Enter the Estate from Toorak Road, Along the Western Boundary, A Portion of the Adjoining Property Having Been Purchased by the Vendors.

Six Allotments Will Have Frontages to Grosvenor Court. Three Magnificent Sites Front on to Toorak Road…

Frontages vary from 60Ft. to 100 Ft; depths from 120Ft. to 207Ft.

Every Care Has Been Taken by the Vendors to Preserve as Far as Possible the Magnificent and Well Matured Trees and Shrubs.

The New Concrete Road Will be Built Early in the New Year, at the Expense of the Vendors, as well as Water, Sewerage, Gas, and Electricity will be made available to all the Allotments.

THE MANSION RESIDENCE Will Be Sold [?] by Demolition”

—- —- —-

Check out more images of 11 Grosvenor Court below, along with some solid floor plan porn. 

The official listing: 11 Grosvenor Court, Toorak

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Modernist in Kew Returns to Market for Same Price

Remember how we said Kew is - weirdly - the heart of modernism in Melbourne? Well, enter 12 Dunlop Avenue. The modernist home in the Studley Park precinct of Melbourne, sold in May 2011 for $2.215m. Now, only 16 months after it sold to its current owners, the home is to auction with expectations around the same price as it last sold. The home is a stunner, by all stretches of the imagination. Even with a very surface level renovation (and a pretty B-grade one at that) dated between its 2006 sale for $1.45m and its most recent sale, the functional floor plan and strong architectural bones can not be disputed. Maybe it’s the 1200sqm parcel with pool and pool house, but Marshall White agents Stephen Gough and Robert Ding sadly state their listing “may also be of interest to those looking to build a trophy home of real significance.” Say it ain’t so, Stephen and Robert! 

The other tragedy at 12 Dunlop Ave? Not seeing more of the staircase at right in the image below:

Click below for more images, floor plan, and listing information.

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A Rare 1880s Victorian in the Otherwise 1920s Urquhart Estate of Hawthorn Lists With $3.5m+ Expectations

‘Hartland’, an imposing 5-bedroom Victorian Italianate mansion situated in an increasingly desirable pocket of Hawthorn, listed with $3.5m+ expectations this week. Although anecdotally considered part of the Urquhart Estate, Hartland actually predates that development by nearly 40 years. During the first 4 decades after Hartland’s construction, the property was adjacent to the vast Chinese Market Gardens that was not subdivided until 1919. This chunk of land - referred to as the Urquhart Estate - was the last large parcel of land to be subdivided in central Hawthorn. According to a 1991-1993 Hawthorn Heritage Study, “between 1920 and the late 1930s, amidst Victorian and Edwardian villas, [the Urquhart Estate] of 152 houses was erected in a variety of styles ranging from the Californian Bungalow, the Mediterranean, Tudor Revival to neo-Georgian. A number of these houses were State Bank or War Service homes.” In the below parcel map, the location of Hartland falls just two houses to the north of the development, thus explaining its 19th century origins. Initially, the Urquhart Estate attracted upwardly mobile young families priced out of the more desirable Grace Park Estate in Hawthorn. This trend continued through the 20th century. However, according to Melbourne property savant Mal James, this trend is shifting: “Urquhart estate has turned from the ugly cousin to a sought after Hawthorn precinct in less than 5 years.”

A 1919 parcel map of the Urquhart Estate

However, even though renovated homes in the Urquhart Estate have begun to catch traction and sell in the mid-$2mils, Hartland will command a far greater premium, representing the home’s larger size, earlier vintage, and its abounding period features. Most notably, the stunning woodwork around the sitting room fireplace is remarkably intact and the stained glass front door is eerily well-maintained. There is also a case for strong prices for Urquhart Estate-adjacent Victorian mansions. On neighbouring Goodall Street, #4 traded hands for $4.2m in Oct 2008 and #12 for $3.2m in Dec 2006; both are of similar size to Hartland at 11a Elmie Street. The property itself has only minimally changed its footprint since construction (as revealed by an 1895 MMBW map below), despite internal renovations. As the present floor plan indicates, the only changes to the footprint include the extension of a family room where a cramped kitchen and servant’s quarters once likely stood. 

An 1895 parcel map above, current parcel map below.

Furthermore, exceedingly large bedrooms and towering 14-foot ceilings cap off this offering. Last traded for $1.41m in Mar 2001, Hartland is perfectly liveable as is, yet there is still tremendous scope to refresh this home. Marshall White agents Marcus Chiminello and Stuart Evans have the listing that goes to auction on 25 August.

The listing: Hartland, 11a Elmie Street, Hawthorn

Self-Referential St Kilda Apartment Looking for $1m

A third-level apartment in the Arts & Crafts St Kilda apartment block ‘Windsor Court’ is on the market. For between $900k and $1m, you can find yourself living in a 3-bedroom, 1-bathroom mirrored wonderland, chock-full of period ceiling work, marble and wood parquetry flooring, a ‘French Baroque’ fireplace, and did we mention all the mirrors? Marshall White agents Kehren Eade and Sam Hobbs describe the apartment as a ‘penultimate period apartment’, which the Radical Terrace takes to mean that it’s on the second-to-top floor. The apartment comes with its own website, perfect for buyers wishing to take an extra long look at themselves at the apartment. 

The listing: 5/24 Robe Street, St Kilda

Derelict Mansions with “Unbridled Potential”

As Monica Kovacic over at the House Hunter may agree, derelict mansions offer an imaginative window into the domestic lives of generations past. While many mansions past their prime are demolished, many more are preserved as apartment house conversions (Babworth Estate in Darling Point being a very good example) or as single-family refurbishments. Here are some notable NSW and Victorian homes on the market in need of some serious TLC.

Sitting on an acre of not-quite-the-best-but-not-that-bad Wahroonga land, the 1904 James Peddle mansion ‘Mount View’ (102 Grosvenor Street, Wahroonga) has listed with hopes in the high-$2m to right around the $3m mark. Adrian Ursino of Avera Property has the listing. The buyer will likely do a subdivision play, as the home has little value as a refurbished mansion in this pocket of Wahroonga.

Down to Canterbury in the heart of Melbourne’s equivalent of the Upper North Shore: the 109 Tram Line and Mont Albert Road. Situated on View Street, the more historically-savvy and aesthetically-appealing alternative to the McMansions of Monomeath St. Cameron Edgoose and Peter Mitchell of Marshall White have the listing and want a reasonable $1.7m+. The exterior (pictured above) is in solid shape, the interiors on the other hand…

The listing: 19 View St, Canterbury VIC

Back to New South Wales, we find the dilapidated mansion ‘Rothesay’ (24 Pearson St Balmain East) on the Balmain peninsula. The mansion is entirely uninhabitable, but sits on a generous parcel of land in a pocket of Balmain East that would lead the buyer to pull an apartment renovation play here. The “Gothic Revival” abode is listed through Michael Glynn of McGrath-Inner West and wants $1.85m+. Pictured below.

And finally we head to one of the hipper spots of inner Melbourne: Greville Street in Prahran. 26-28 Greville St is listed through Lachlan Castran of Castran Gilbert and is looking for offers above the $2m mark. Due to its location on a well-trafficked retail corridor, it’s most definitely a multi-family play here. Pictured below.

Now THIS is a Radical Terrace

Albert Park’s St Vincent Place is Melbourne’s finest example of Victorian town planning. Originally designed and laid out in the mid-1850s, St Vincent Place and the surrounding streets is the first example of Victorian town planning in Australia meant to emulate the elegant residential gardens of London (all while accommodating the St Kilda railway). The well-maintained terraces and immaculately well-kept gardens have remained an iconic destination for Melburnians and, despite a period of slight decline in the mid-20th century, is today one of the most desirable precincts in Melbourne and commands among the highest price per sqm. 

Not surprisingly, then, terraces on St Vincent Place can afford a high capitalisation on renovation. Today’s subject property, the recently listed 48 St Vincent Place North, is no exception. Even though minimal interior changes were made over the years, the renovation is deemed tasteful by this writer (and the backyard is hipster cool!). Three bedrooms; two carrera marble-filled bathrooms; double garage.

Kaine Lanyon and Oliver Bruce of Marshall White have the $4m+ listing. 48 St Vincent Place North, Albert Park