Just before the hammer, new owners buy on the grid

Just before the hammer, new owners buy on the grid

The sale of a powerful substation conversion in Flemington has sparked joy for its new owners.

Developed by the former State Electricity Commission of Victoria in 1922, the Greek revival-style building with heritage overlay once supplied electricity to Ascot Vale and Essendon.

It is of historical and architectural significance to the City of Moonee Valley, according to the Victorian Heritage Database.

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After shutting down, it was converted into nine townhouse apartments.

One of the apartments at 4 /21 Ascot Vale Rd, Flemington was set to go under the hammer on February 2.

Coming down to the wire, buyers bolted on the residence.

It was sold for $650,000 last weekend.

Nelson Alexander Flemington agent Jonathan West said there was considerable interest in the property.

“Buyers were interested in the apartment because of its sheer size and location,” Mr West said.

“It is much bigger than your typical townhouse.”

An open-plan living and dining area with a kitchen is on the ground floor, while two spacious bedrooms, a balcony and a north-facing terrace are upstairs.

Mr West said the previous owners moved to the eastern suburbs and rented the apartment before deciding to sell.

“The new buyers are first-time homeowners and they will be occupying it,” Mr West said.

Features of the property include split-system heating and cooling but power prices haven’t been disclosed.

It sold for $560,000 in August 2009.

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