Melbourne University sells historic Parkville mansion Cumnock

Melbourne University has sold one of Parkville’s grandest homes eight years after purchasing it for $7.1 million.

The landmark Italianate mansion known as Cumnock was purchased by the university in 2017 but had been left vacant in recent months after being declared surplus to requirements.

Industry sources suggested the property attracted an offer within its advertised price range of $7.9 million to $8.69 million.

The listing earlier this year came shortly after the institution publicly committed to repay $72 million in staff underpayments dating back to 2014.

The historic estate at 160-162 The Avenue was designed in 1889 by Windsor Hotel architect Charles Webb and occupies a 1376-square-metre 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 said 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 under way at the start of May.

“A property within the University of Melbourne’s portfolio is in the process of being divested,” she said.

“The University has adhered to relevant legislative requirements regarding the sale.”

Ms Kapobassis said the property had previously housed a vice-chancellor and was used “regularly for official University functions and activities”.

The sale was 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 being 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 11 principal rooms, nine original fireplaces, a turreted viewing tower and wine cellar.