The prestigious Ascot residence belonging to a former Governor of Queensland has hit the market.

Major General Peter Arnison and his wife, Barbara, bought their elegant Queenslander in Yabba Street nearly 25 years ago and moved in when he retired from the army in 1996.

They moved to Government House in 1997 while General Arnison served as Governor of Queensland for six years, until July 2003 when he was succeeded by Quentin Bryce.

The couple moved back to Ascot after Major General Arnison finished his term as Governor ??? but not before the house was fully renovated by acclaimed heritage architect Desley Campbell-Stewart.

An old extension at the back of the house was demolished and re-built with the purpose of maximising natural light ??? through high ceilings with clerestory windows ??? and providing easy access to the garden and the pool, Mrs Arnison says.

"We told our builders, Kevin and Darren Fryer of Fryer Homes, that the work had to be completed by July 29, 2003 as a new Governor was to be sworn in," she laughs.

"We said if the work wasn't finished in time we'd have to move in with Darren! Needless to say, our home was ready for us."

The Arnisons have happily lived there ever since and after 50 years of marriage and numerous houses, they say their Ascot home has been their favourite.

"We have had many happy, enjoyable years living here," Mr Arnison says.

"For us it's a downsizing exercise, which we have been thinking about for a few years now. The street is changing, there's lots of young families returning and it's a wonderful place to raise children."

The couple are downsizing to an apartment on the Brisbane River.

Ray White New Farm agent Scott Darwon says this home typified blue-chip Ascot living and was likely to sell quickly.

"It's one of the best houses, in one of the best streets, in one of the best suburbs of Brisbane," Mr Darwon says.

"Strong recent street sales should give any potential buyer the confidence in knowing that it will be very difficult to over capitalise in a home of this size, finish and location.

"This sale is a coveted opportunity to secure a significant piece of Ascot history."

86 Yabba St, Ascot, will go to auction on May 27 at 1pm, with Ray White auctioneer Haesley Cush.