
The heritage-listed yet derelict Macedon House at Gisborne sold earlier this month after being passed in at auction.
The auction attracted considerable interest with about 80 people gathered to see the sale of the former Macedon Hotel on a substantial 20,950-square-metre block.
Listed on the market with price expectations of about $2 million, the property at 1 Kilmore Road sold for $2.525 million through joint agents Broadhurst Property and GrayJohnson.
The three bidders were all developer-builder business representatives from the local area. The property was passed in at $2.3 million but sold just 20 minutes after the auction to the highest bidder.
It was a strong result for the vendors who paid $1.36 million for the site in 2018 and planned to restore the former hotel, construct a residence as well as a number of units.
The new buyer, a builder based in the Macedon Ranges, has now taken on the substantial restoration job.
Built in 1847, the historic hotel was delicensed in 1867 and had previously been used as a boarding house, a private residence, a school and a bowls clubhouse.
