After nearly five decades of diplomatic use, the Italian government is selling a historic Melbourne property, Elm Tree House, located in the prestigious Domain Precinct of South Yarra. The estate is up for tender with a starting price of $14 million.
Since 1978, the Italian Cultural Institute has been housed in this building, which was originally purchased by the Consulate General of Italy. The institute has recently moved to a new location at 509 St Kilda Road, adjacent to Fawkner Park, a site owned by Sunkin Property since 2019.
Constructed around 1857, the eight-room residence was initially built for William Macredie, a businessman who lived there until 1891, after which it passed to his daughter, Alice. Sir Norman made history as the first non-British (English, Scottish, or Irish) Wimbledon champion 13 years prior. In approximately 1920, the property was sold to Harry Emmerton for his daughter, Dame Mabel Brookes, and her husband, Sir Norman Brookes.
Italian authorities transformed the building to accommodate administrative offices, a cultural institute, a museum, and a language school. Situated on a 743-square-metre plot at the southeast corner of Walsh Street, the property features 12 rooms, four bathrooms, and access to a rear laneway. It is classified as non-contributory within a Heritage Overlay zone. The building rate, based on the internal area of 683 square metres, is approximately $20,498 per square metre.
Prestigious Location and Comparable Sales
The asking price of $18,842 per square metre highlights the Domain Precinct’s high property values. In terms of land rates, this area is among Melbourne’s most expensive, rivaled only by Albert Park and Middle Park. The precinct is bordered by Punt Road, St Kilda Road, Toorak Road, and the Royal Botanic Gardens.
This sale follows a similar transaction involving another international government. In a previous deal, the Federal Republic of Germany sold Elinbank House at 480 Punt Road, also within the Domain Precinct, for $5.1 million after 59 years of diplomatic use. The buyer relisted the property in 2019.
Interestingly, Eildon, another notable property, is currently on the market after its buyers, art dealers Gary Singer and Geoffrey Smith, opted for a historic Toorak property purchased for $20 million in 2023 instead of reopening Eildon as an auction house and gallery. This listing comes four years after realestatesource.com.au reported that the Alliance Française de Melbourne agreed to sell its Eildon mansion in St Kilda for $10.45 million under a long settlement. In 2023, they acquired replacement strata suites at 140 Bourke Street for $4.95 million.
