Accidental $12.6m splurge for South Melbourne drawbridge home

3 days ago 10

A landmark South Melbourne sale has reset the suburb house price record, with the historic Emerald Terrace at 34 Ferrars Place changing hands after a major architectural transformation.

A South Melbourne mansion featuring a private drawbridge has sold for a record-breaking $12.65m, nearly doubling the land value of the previous suburb high.

The sale at 34 Ferrars Place overtakes South Melbourne’s previous high of $12.5m set in 2019 with the sale of a nearby home on Howe Cres.

Jellis Craig Port Phillip director Simon Gowling said the result was a landmark moment for the suburb.
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“Like any blue-chip suburb, South Melbourne, Albert Park and Middle has exceptional pockets, and this particular pocket absolutely stands shoulder-to-shoulder with the best parts of East Melbourne.”

The record breaker is a five-bedroom showpiece dating back to 1877, known as Emerald Terrace, which was recently transformed into a sprawling family home blending Victorian grandeur with high-end contemporary finishes.

Inside, ceilings soar to four and five metres, with sweeping arches and Italian marble fireplaces, tempered by steel-framed glass and refined detailing.

One of multiple marble-clad bathrooms inside Emerald Terrace, featuring bespoke finishes and a freestanding Victoria and Albert bath as part of the home’s luxury renovation.

The exterior of Emerald Terrace at 34 Ferrars Place, South Melbourne, with automated gates, a distinctive drawbridge and secure right-of-way access to the rear.

The kitchen was built to entertain, with natural marble surfaces, Sub-Zero refrigeration, beverage drawer and a fully equipped Gaggenau scullery, plus a custom mudroom extension.

Living and dining zones open straight to a cobblestone courtyard and a gas-heated pool, framed by evergreen gardens.

The main suite is designed as its own wing, with a private lounge and open fireplace, a dressing room and a marble-clad ensuite with a Victoria + Albert freestanding bath.

There is also an additional living room extending into the roofline, and the home comes with hydronic heating, multi-zone climate control, integrated sound, remote blinds, video intercom with CCTV, alarm security and an underground cellar.

Outside, secure right-of-way access is introduced through automated gates, finished with the distinctive drawbridge feature that became a talking point among buyers.

A formal sitting room showcases the home’s Victorian heritage, with soaring ceilings, sweeping arches and an Italian marble fireplace retained from the original 1877 design.

The entertainer’s kitchen features natural marble surfaces, Sub-Zero refrigeration and a fully equipped Gaggenau scullery as part of the home’s contemporary upgrade.

Mr Gowling said South Melbourne was increasingly being judged on land value and scarcity, rather than block size alone.

“South Melbourne often gets compared to East Melbourne because of the smaller block sizes and the very high land value per square metre,” he said.

“What we’re seeing now is that the very top end of the market is moving extremely well, and it’s largely insulated from broader interest-rate pressures.”

The record comes amid a run of high-end deals across Port Phillip, with multiple suburb benchmarks lifted in the past year.

“We’ve recently reset records not just in South Melbourne, but also in Middle Park and across the entire City of Port Phillip,” Mr Gowling said.

Light-filled living and dining zones are highlighted by steel-framed glass, custom lighting, remote-controlled blinds and direct access to the outdoor entertaining area.

The five-bedroom layout includes a spacious main suite with a private lounge, dressing room and ensuite, alongside additional bedrooms with bespoke joinery.

“The Beaconsfield Parade sale at $17m on just 328sq m equated to almost $52,000 per square metre, which really underscores the depth of demand at this level.”

He said a steady run of $10m-plus sales across key streets showed the top end was still operating on strong fundamentals.

“There’s been a consistent run of $10 million-plus sales across Beaconsfield Parade and Danks St, and that tells you the prestige end of the market is operating on very strong fundamentals,” Mr Gowling said.

For 34 Ferrars Place, he said buyer reaction to the home was immediate.

Emerald Terrace blends its 1877 Victorian architecture with contemporary steel-framed glazing and refined finishes following a comprehensive redesign by Stephen Akehurst.

“It was genuinely one of the most high-end renovations I’ve sold in a very long time,” he said.

“The level of detail, craftsmanship and finish was extraordinary.

“People were genuinely taken aback when they walked through it. It had that rare quality where almost everyone who saw it could imagine themselves living there.”

Mr Gowling said scarcity remained the key driver behind record results at the very top end.

“The key driver is scarcity. Homes of this calibre simply don’t come to market at the same time,” he said.

An upstairs loft-style living area extends into the roofline, providing additional accommodation or retreat space within the multi-level home.

The dining room is anchored by a wood-burning fireplace and connects seamlessly to the kitchen and outdoor courtyard for large-scale entertaining.

“There might only be one opportunity every few years, and buyers know that if they miss out, there’s no immediate alternative.

“There aren’t many people with $13m to spend, but there are enough to create genuine competition when something truly special appears. That fear of missing out plays a big role at this level.”