Kew’s iconic Butleigh Wootton to hit the market

A historic Kew mansion has come to market, as local private schools, investors and developers seek to acquire the scarce purchase opportunities in Melbourne’s tightly held eastern suburbs.

The 1880s Butleigh Wootton property, which occupies a 2,836sq m landholding at 867 Glenferrie Road, has become renowned as a prestigious reception centre throughout the past several decades.

Savills Clinton Baxter, Nick Peden and Jesse Radisich have been appointed to market the property via expressions of interest, and are anticipating numerous offers for more than $10 million.

“This is an extremely significant property in one of the most revered locations in Melbourne,” Mr Baxter said.

He said Butleigh Wootton was likely to attract attention from hospitality operators, commercial occupiers, foreign consulates and nearby prestige schools, including Xavier College, Trinity Grammar School and Methodist Ladies’ College.

“This is also a clear commercial opportunity for hospitality operators, such as a restaurant, function or wedding centre – or for owner-occupiers, such as an IT company or architectural firm, wanting non-conventional surrounds,” Mr Baxter said.

“With scope for redevelopment, a development could retain the heritage elements of the property and add additional residences to what is a very large landholding.

“And of course, it could certainly be enjoyed as a grand and imposing residence for a large family.”

Mr Peden said Kew had long been considered “one of Melbourne’s residential hotspots”, which he predicted would result in a highly competitive sale campaign for Butleigh Wootton.

“The suburb is home to several of Melbourne’s most respected private schools, it has the Yarra River and Studley Park on its western border, abundant retail and café life throughout, ample public transport, is only a short drive to the city, and boasts large blocks on magnificent tree-lined boulevards,” he said.

“With development opportunities being few and far between in Kew, and being one of the most sought-after suburbs in Melbourne, buyers have very limited purchase opportunities, which maintains a constant state of upward pressure on property values,” Mr Radisich confirmed.

The property is being sold by the mortgagee in possession, and follows the recent sale of Stonington Mansion at 336 Glenferrie Road, Malvern, for a record price for Victoria of $52.5 million.

Expressions of interest close 2pm Wednesday 21 March 2018.