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The Campaspe Mill at Kyneton up for sale, this time for $7 million

A PROPERTY that was built in 1856 is up for the sale for only the third time in its storied history.

Recognisable to people who travel on the Calder Freeway, the Campaspe Mill estate at Kyneton in Victoria's Macedon Ranges region has an asking price of $7 million.

Featuring six bedrooms and two bathrooms in the main building and a four-bedroom cottage, the property at 2 Wards Lane was originally built as a steam powered flour mill by William Degraves, son of Peter Degraves, the founder of Cascade Brewery in Tasmania.

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Mount Macedon Realty director Lisa Fowler said the current owners have owned the property for about 25 years.

"They have decided to downsize," she said. "It's a huge house and they have four children who have all grown and moved away.

"It's a big property but it's quite low maintenance in that outside it is just mowing, the building is bluestone, which you do nothing with. In comparison to other (properties) it is very little maintenance.

"It is on 13 acres and would be suitable as a horse property, a wedding reception venue or an AirBNB or boutique hotel. The options are endless."

Ms Fowler said Campaspe Mill has been up for sale for six months. She has seen a lot of interest from people considering buying it but also from people who count the property as a landmark.

"We have had a lot of interest from varied groups of people," she said. "We have had such an amazing response from the listing from a portion of people telling us they have spent parts of their life driving to and from Melbourne. It is a significant landmark for some people.

"Some are looking at it as a residence, some commercial operators see it as a boutique hotel - that's one thing I would love to see because of the proximity to Melbourne and Bendigo.

"There has been an increase in tourism with Melbourne people more interested in intrastate local tourism. Piper Street in Kyneton is kicking goals."

Ms Fowler said the hefty price tag was the price of unique history.

"You're buying history. It was a fully functioning flour mill that is part of Degraves history - they had really significant operations in the area," she said. "There is also the manager's cottage which is a fully-fledged house.

"We've got some hefty price tags in Mount Macedon and things are selling at that level because we have a lot of interest from people looking at the Mornington Peninsula. Something like this in Flinders would be going at $18 million

"(Mount Macedon and surrounds) has quality lifestyle properties that are now beginning to compete with properties in Mornington Peninsula. Once we sell a couple, more eyes will turn in this direction.

"The region has amazing emerging wineries, gin distilleries and that sort of thing. The proximity to the airport is valuable, it is an easy commute to Melbourne and there are brilliant schools here and in Bendigo."

This story This age old bluestone mansion is up for sale again first appeared on Bendigo Advertiser.