Interstate interest in historic Ballarat property

INTERSTATE buyers have shown a keen interest in heritage-listed The Bishop’s Palace in Ballarat. 

It comes as PRD Nationwide Ballarat lowered the $6.5 million asking price for the Sturt Street property to $4.5 million-plus, just 10 months after it was put on the market. 

PRD Nationwide Ballarat chief executive Neil Jens said the property always had market interest, but the agents were not able to negotiate a sale. 

“We’ve had interstate interest and at a local level,” Mr Jens said. 

“We have had a pretty good combination of people expressing interest.” 

Mr Jens said the property’s asking price was lowered after the owners asked how they could boost their chances of selling. 

If the property sells, Mr Jens said it would it be the highest priced property to be sold in Ballarat. 

“There were a couple of properties sold at $2.8 million and $2.9 million a while ago,” Mr Jens said. 

The six-bedroom, six-bathroom property spans 1.45 hectares and features a reception hall, grand formal dining room, breakfast room, wine cellar and spa pavilion.

The heritage-listed property has had two owners since it was built in 1876 by Melbourne architect Joseph Reed from Reed and Barnes.

The firm was responsible for designing the State Library of Victoria, Melbourne Trades Hall and Frederick Sargood’s Rippon Lea Estate. 

The Bishop’s Palace was last sold in March 1996 to an anonymous buyer for $700,000.