A unique freestanding limestone residence - originally built in 1968 and cleverly designed by mid-century modernist architects David Chancellor and William Patrick - has been listed for sale in the heart of South Yarra.

The stunning home at 29 Macfarlan Street has been brought to market by Jellis Craig Stonnington as an Expression of Interest campaign, with a price guide $3.5 to $3.85 million.

The home's current owner, celebrated architect Simon Swaney from Bates Smart, says the home reflects the Bauhaus and modernist design trends prevalent in Australia in the late-1960s.

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Smart describes the architects as "incredibly inventive" and their work "striking."

"When it came to this house, they were well into their practice and they were exploring all the ideas that they had in their previous work," Smart explains.

Flooded with natural, northern light and exposed limestone walls, the home's considered design elements interplay to create a series of tranquil spaces, including a modernist-style sunken living zone with an open fireplace as its focal point.

Smart says he loves the way the home feels spacious and breezy yet still allows for separate living zones and spaces.

"You come through and it opens up to a void space that the kitchen is very neatly recessed in behind, so it's not visible from the front door and its discretely removed away from the living area," he says of the kitchen, for example.

Warm and welcoming, the four-bedroom layout is flexible, airy and private, featuring cathedral ceilings, vast glazing and plush carpet, surrounded by a paved courtyard and north-facing landscaped gardens.

Smart says the home was very deliberately orientated to the north to make the most of the winter sun, while also being well shaded against the summer sun.

He says the home is also very much a response to its location and context.

"In this case a very urban setting, but one that also has this very gracious feel in the way that you can live in it," he says.

The iconic home is located close to Fawkner Park and the Royal Botanic Gardens and the quality dining strips in and around Toorak Road and Domain Road.

"To find something like this was unique. Here was a place that was beautifully planned and it's somewhere where we've really enjoyed living," he said.