Melbourne University sells historic Parkville mansion Cumnock
A popular university has landed a multimillion dollar deal to help repay $72m in staff underpayments.
A landmark Parkville mansion once home to the University of Melbourne’s vice-chancellor has sold.
The university purchased the property for $7.1m in 2017, but had left it vacant in recent months after declaring it surplus to requirements.
Industry sources have suggested it has attracted an offer within its advertised price range of $7.9-$8.69m.
Its listing earlier this year came shortly after the institution publicly committed to repay $72m in staff underpayments dating back to 2014.
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Known as Cumnock, the historic Italianate estate at 160-162 The Avenue was designed in 1889 by Windsor Hotel architect Charles Webb and occupies a 1376sq m corner block directly opposite Royal Park.
The impressive residence was listed for sale last month, and late last week was marked as under offer.
A property industry figure told The Herald Sun there had been strong and qualified interest in the address, particularly for its proximity to the Melbourne CBD.
University of Melbourne Chief Operating Officer Katerina Kapobassis confirmed the divestment was underway at the start of May and said the property had previously housed a Vice-Chancellor and was used “regularly for official University functions and activities.”
“A property within the University of Melbourne’s portfolio is in the process of being divested. The University has adhered to relevant legislative requirements regarding the sale,” she said.
Handled by Nelson Alexander Carlton North’s Stephanie Hawke and Nicholas West, who declined to comment on the result or buyer.
At the time of listing, Mr West described the home as Parkville’s “crown jewel,” citing its scale, architectural significance and rare parkland setting.
“Most Italianate mansions of this scale are tightly packed into inner suburbs like Carlton,” he said.
“But here you’ve got open parkland across the road, minimal surrounding density, and incredible privacy, that’s almost unheard of.”
Originally built for stock and station agent George Howat, Cumnock remained in his family until 1919 before it was acquired by Anglican theological institution Ridley College.
It was held for decades before being sold to developer Drapac, who then sold it to the university.
Behind its grand Corinthian-columned facade, the home features a pressed-metal entry hall, formal dining and sitting rooms, a library, and a state-of-the-art kitchen with Miele appliances and custom cabinetry.
French doors open to a leafy courtyard with a fish pond centrepiece.
Upstairs, a rumpus leads to a wraparound balcony and turret with sweeping park views. The main suite features a marble ensuite, with three further bedrooms sharing a designer bathroom with a freestanding bath.
The four-bedroom mansion includes eleven principal rooms, nine original fireplaces, a turreted viewing tower and wine cellar, and has long been considered one of Parkville’s grandest private residences.
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david.bonaddio@news.com.au
Originally published as Melbourne University sells historic Parkville mansion Cumnock
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