The Terricks: Incredible $20m Italianate Hawthorn mansion sells

A mystery buyer has snapped up a striking inner east estate as the prestige market shows no signs of slowing in early 2022.

Melbourne’s prestige market has kicked off the new year with the stunning sale of a jaw-dropping Italianate mansion.

Abercromby’s director Jock Langley would not disclose any details about the price or the buyer of the palatial abode, named The Terricks, at 11 Paterson St, Hawthorn.

The residence was advertised for $21m-$23.1m and sold to a local who knocked out interstate and overseas competition to claim the keys earlier this month.

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Mr Langley said unlike many other period homes on the market, the 1882-built residence had been “magnificently” renovated by the vendor prior to the sale.

The turnkey appeal was a drawcard for the buyer, as was the privacy the sprawling abode on a big 3503sq m block afforded.

“It was like you’re in an enclave. You’re in your own little world once you got within the gates. It’s got a very lengthy parameter around the property so it’s very private and that really resonated. They loved that,” Mr Langley said.

“A lot of these historic houses generally need a considerable amount of work or updating when you acquire them, but this one’s done within an inch of it’s life.”

Comprised of seven bedrooms and five bathrooms, the residence has a home theatre, a billiards room, multiple living and entertaining zones, two main bedrooms with walk-in robes and ensuites, a marble kitchen and a wine cellar.

Mr Langley earlier likened the stately exterior as reminiscent of a foreign embassy when he spoke to the Herald Sun late last year.

Other features include a pool, tennis court, and a separate on-site workshop that can double as guest accommodation or as a studio or home gym.

Mr Langley said there a number of disappointed prestige buyers who missed out on the property.

There was a shortage of homes of similar calibre on the market and he said he anticipated a strong first half of the year for Melbourne’s top end.

“There’s buyers from all fields (local and international) looking in Melbourne at the moment and there’s a shortage of good quality family homes of scale to cater for the top end of the market.

“Interest rates and the talk of rate rises are something that on the horizon would concern most markets. But the amount of people that are looking to buy with cash gives us confidence that there’s certainly a depth to the market for this side of real estate.”

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Originally published as The Terricks: Incredible $20m Italianate Hawthorn mansion sells

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