Roslyn is an circa 1855 mansion, with a neighbouring 1920s Art Deco apartment complex built when the property was used as a Presbyterian Girls School.
Builders are set to unlock the value in a complex of historic Newtown residences sold after the property took a $1m haircut having been on the market for more than two years.
Roslyn is a converted 1850s Italianate mansion and an adjoining Art Deco block of apartments built in the 1920s occupying a prime 1885sq m corner site at 272 Latrobe Tce, Newtown.
The property, which was initially listed for sale with $3.4m to $3.7m price hopes in March, 2023, sold last week in a $2.55m deal with a Surf Coast party.
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Maxwell Collins Geelong agent Duncan Skene said improving conditions for builders and developers combined with a lower asking price to raise the profile of the inner city landmark with potential buyers.
Mr Skene said he received three offers on the property opposite Matthew Flinders Girls Secondary College once the price guide was reset at $2.5m to $2.75m.
It’s the second landmark property to sell on the strip between Roebuck and Aberdeen streets, after a historic villa house converted to an office at 256 Latrobe Tce was snapped up for $1.62m in April.
“There’s a little bit more positivity out there and people are starting to look for projects again,” Mr Skene said.
The home and neighbouring apartment complex are set on a 1885sq m corner block.
Heritage documents show the historic home’s original Italianate residence has been all but obliterated.
“It’s just been since Covid that everyone has put things on hold and were getting slammed.
“They got all their work done and now they’re looking for some projects again and this will meet their needs.”
Mr Skene said he expects the buyers to reposition the property, which is presently divided into nine units, including seven with one bedroom, one two-bedder and the main four-bedroom residence.
“My understanding is they’re going to renovate, just with all the heritage guidelines and everything, and bring it back to its former glory,” Mr Skene said.
“They’ll probably subdivide it off, rather than just have the one house. I’m pretty positive they’re not going to make it into a residence again.”
An archway leads to a staircase in the original home.
The large bay windows are a prominent feature of the apartment building.
Mr Skene said the three offers came from local players, underlining the local knowledge in the potential for the area.
The two residential buildings are set at the front of the property, leaving a substantial portion for garaging and driveway.
The original Italianate mansion was built in 1855 for John Guthrie, who was a sub-division magistrate and immigration agent at Geelong.
Subsequent owners included Geelong merchant George Hitchcock, of Bright and Hitchcocks, before it was home to the Presbyterian Girls College from 1919 to 1930, which went on to become Morongo at Bell Post Hill, the present site of Kardinia International College.
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