A landmark property for sale in Colac offers buyers a chance to secure a slice of the regional city’s history.

Named Airdrie, the charming Victorian Italianate homestead at 25-27 McDonald Street (Main image above and below), was built in 1890 for politician John Glass Johnstone.

Johnstone served on the Colac Shire Council from 1901 to 1902, and in 1911 he was elected to the Victorian Legislative Assembly as the Liberal member for Polwarth until his resignation in 1917.

The property was in the Johnstone family for 100 years, before it was sold to a local doctor and then to current owners who have lived there for nearly 11 years.

The five-bedroom house on 5537sq m is a unique offering in the heart of town, according to Barry Plant agent Deane Hughes.

“Most houses of this size are found on acreages but this one is on a smaller parcel of land near Lake Colac and is just three blocks from the main street,” he said.

“It is a rare beauty waiting for the right person to fall in love with it.”

With a price guide of $2.35-$2.55 million, the property has already attracted enquiries from Melbourne, Geelong and locals wanting to downsize from neighbouring farms to a low-maintenance home in the town.

Sprawling in an idyllic setting of established gardens with lush lawns and specimen plantings, the house has been restored to its former glory by the owners.

“They fell in love with the old world architecture,” Mr Hughes said.

“And this inspired them to take on the project.”

The homestead displays a myriad of period details including a delightful front veranda with intricate Chantilly lacework, exquisite leadlight windows and soaring ceilings with decorative cornices.

Original Baltic pine floorboards, bay windows and marble fireplaces bring character and warmth to the home.

While evoking the charm of a bygone era, the ideal family home meets modern needs with its flexible floorplan and contemporary updates.

Multiple living areas provide ample space for entertaining, including the elegant formal lounge room showcasing a stunning ceiling hand painted by the owners.

Other highlights include a sun-drenched conservatory and a formal dining room that flows out to a covered deck, perfect for alfresco meals.

A clever extension includes an open-plan kitchen, meals and living area with french doors and arched windows framing garden views.

Granite benchtops gleam in the modern workspace, which is equipped with a quality Miele electric oven, gas cooktop and a dishwasher.

There is a study off the entrance hall, comfortable bedrooms tucked away in a separate wing, and an indulgent main bedroom with an open fireplace and a walk-in wardrobe.

Other features include two period-style bathrooms, a powder room, hydronic heating, split-system airconditioning, alarm and attic storage space.

A renovated stable and coach house building, a courtyard with a studio, grass tennis court and a circular driveway with a new fountain add to the property’s appeal.