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A modernised mansion in Albert Park has set a real estate sale record for the prestigious inner-city suburb.

The sale of the impeccably restored and updated residence at number 69, which was built in 1873, tops the previous record for the suburb by about $4 million.

Domain understands the St Vincent Place property, Hollyford, fetched close to $12 million in the low-key off-market sale.

Director of hockingstuart’s Albert Park office, David Wood, confirmed his agency handled the sale, which was finalised within the last week, but due to confidentiality he was unable to discuss details or the identities of the vendor or buyer.

The previous highest sale in Albert Park was a $7.25 million waterfront mansion on Beaconsfield Parade, which was sold through hockingstuart in 2009.

St Vincent Place, Albert Park’s most expensive street, curves around the picturesque St Vincent Gardens, is entirely protected by Heritage Victoria and its architecture and layout is of special historical significant to Melbourne.

Designed in 1854 or 1855, St Vincent Place has special status due its configuration and because most of the characteristics of the homes are intact.

Based on London town planning, the row of single and double-storey terraces and detached properties overlook beautifully landscaped central gardens.

Hollyford was dilapidated when the previous owner purchased it and restoration works were completed in 2006 by South Melbourne firm Nicholas Murray Architects.

The heritage-protected Italianate façade and the back of the home are in a traditional style, with a modern core, Mr Murray said.

A showpiece is a glazed box walkway over a 10 metre pond, which joins the restored Victorian front rooms to the modern extension. Adding to the premium price are four plush bedrooms, a basement theatre, sparkling lap pool and a new stables guesthouse, which replaced the rundown original.

Mr Wood said the record sale of Hollyford and renovations underway to other historical properties in St Vincent Place earmarks the street as one of Melbourne’s best real estate locations.