Wednesday, October 20, 2021
International

Luxury home on the market with multimillion-dollar price tag

Luxury home

The home has now been relisted with Melbourne real estate agent Arch Staver for $5m-$5.5m

A historic army barracks converted into a spectacular luxury home is back on the market with a multimillion-dollar price tag.

Once home to the Australian Defence Forces, the military drill in Fitzroy, 2.5km north of Melbourne Central Business District (CBD), became the residence of the city’s artistic elite when it was snapped up by fashion designer Piero Gesualdi in the 1980s.

The acclaimed creative, who founded the iconic Masons stores in Melbourne and Sydney in the 1970s, breathed new life into the 1930s barracks with a lavish renovation that perfectly preserved its finest heritage features.

The five-bedroom on George Street first hit the market in November 2019 for $6.26m, but the campaign was pulled after it failed to sell, according to CoreLogic.

The one-off home has now been relisted with Melbourne real estate agent Arch Staver for $5m-$5.5m, substantially less than the $5.8m the vendor paid for it back in 2017.

Someone’s going to bag themselves a real bargain with this, Mr Staver, who is overseeing the sale for Nelson Alexander, told Daily Mail Australia.

Tucked privately behind tall hedges, the barracks has been transformed into a unique three-storey home complete with multiple living areas, two open-plan kitchens, four resort-style bathrooms and rooftop terrace.

The front gate opens to a courtyard which leads to an entrance hall flanked by a library on one side and a formal lounge room on the other.

When it was last up for sale, former listing agent Tim Smith of Watermark Real Estate told the Herald Sun walking around the house was like ‘walking through a piece of history’.

Mr Staver described it as an exceptionally interesting building in a high-end, artistic location with a single downside: no off-street parking.

The house is set to sell under the hammer on November 6.

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