Historic Ascot House estate was built in 1860 for Melbourne’s former Lord Mayor John Thomas Smith and is being offered for sale for the first time in over 40 years.  

The CBRE Melbourne City Sales and Development Sites team of Nathan Mufale, David Minty and Leon Ma has been appointed to market the 50 Fenton Street, Ascot Vale property on behalf of the Patinyotis family, which has occupied the estate since 1979.

The offering comprises a picturesque 4,500sqm elevated setting with manicured gardens and views of Flemington Racecourse, conveniently located 4.5 kilometres from Melbourne’s CBD. 

“Rarely do we have the opportunity to market an estate of this size and scale, steeped in history with such character, located so close to the Melbourne CBD,” said Mr Mufale.

Despite the sale, it will be business as usual for Ascot House.

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50 Fenton St, Ascot Vale is nearly 160 years old. Photo: CBRE

Operating as a fully licensed reception centre complete with two commercial kitchens, grand ballroom and off-street parking for 40 cars, the property offers buyers an opportunity to accommodate a wide range of uses.

Such uses include a residential grand home, aged care facility, hotel/accommodation, corporate or organisation headquarters, legal or medical offices, a gallery or hospitality/event hire (STCA).

“Melbourne’s residential market has experienced unprecedented demand over the past six weeks, mainly driven by a shortage of supply coupled with recent interest rate cuts," said Mr Minty.

"Melbourne has experienced its third consecutive monthly capital gain with dwelling values rising 3.4% over the past quarter.”

The property is located 200 metres from the 59 tram, providing access to the Queen Victoria Market, Royal Melbourne Hospital, Collins Street and Flinders Street.

Ascot Vale Train Station is 700 metres from the property and only four stops to Melbourne’s CBD.

Ascot House will be sold via International Expressions of Interest closing in November 2019.