PROLIFIC Melbourne architect William Pitt redesigned the Princess Theatre in 1886.

Three years later he purchased a piece of land at Garfield North and in 1899 Pitt designed and built a beautiful Edwardian-style homestead on the property.

He called the property Mikado Park, after Gilbert and Sullivan's opera The Mikado, which played at the Princess Theatre in December 1886 on the night the theatre opened after his redesign.

Pitt, who is also famous for designing the old Collins St Federal Coffee Palace and the St Kilda Town Hall, spared no expense on the grand homestead at Mikado Park and even built a ballroom as part of the house.

The ballroom was lost in a fire in the 1930s, but the rest of the homestead is as beautiful as ever.

The restored home is surrounded by mature gardens and shaded with many native trees.

"The thing about the place is that you walk on to the property and you just can't help but be affected by the sense of history that's there," selling agent Peter Watson said.

The homestead was built overlooking the foothills of the Bunyip State Park, east of Melbourne.

Peter described the views from the property as "glorious".

"The view looking out to the north and northwest is amazing," Peter said.

"It's really lovely country, with native trees and stands of cypress and lovely pastures.

"It's a real picture-book sort of setting."

The 10ha property is used by the current owners for horse breeding but could also be used for cattle grazing, Peter said.

Equine features include a riding arena, round yard and stabling.

Mikado Park is well-located, about 70km from the Melbourne CBD. At the turn of the century it took Pitt two days to travel to Mikado Park from his St Kilda home, but the property is much more commutable today.

Peter said that during off-peak times the journey to the Melbourne CBD from the property could take less than an hour.