338 Carlisle Street
Balaclava, VIC 3183

Overview

338 Carlisle Street, Balaclava

This grand Tudor-loft style building is a generational landmark situated on a substantial corner allotment of approximately 615 square meters. Currently configured as three mansion apartments, the property offers a wide array of potential uses, including residential living with the option to occupy one apartment and rent out the others, subdivision or redevelopment as a multi-unit site subject to council approval, and commercial usage such as offices or professional suites, also subject to planning permissions.

The layout of the property is flexible rather than fixed, featuring ten bedrooms and four bathrooms spread across the ground and first floors. It includes three kitchens, multiple living areas, two sunrooms, an office, and storerooms throughout. This configuration is ideal for extended family living, guest accommodation, consulting suites, or as an investment property capable of generating multiple income streams.

The building's facade remains intact, preserving the architectural cues of its era within an enclave known for its interwar character. The grounds provide a wide frontage and depth to the rear, along with off-street parking for four vehicles. Additionally, there is a separate basement offering further storage or workshop potential. The property presents scope for restoration, reconfiguration, or more ambitious redevelopment, subject to council approval.

Located in one of the inner-city's most complete neighborhoods, the property benefits from proximity to cafes, bakeries, gyms, personal services, and independent retail outlets. The area is renowned for its vibrant food culture, weekend energy, and creative pulse. Balaclava Station and tram routes provide easy access to the CBD, while nearby St Kilda Botanic Gardens, Alma Park, and a selection of leading independent schools enhance the location's appeal.

The investment case for this property is strong, combining approximately 615 square meters of land in a rarely available pocket, an income-ready setup, and clear potential for value-add improvements. All information provided, including floorplans, room dimensions, and land size, is indicative and intended for general guidance. Prospective buyers are advised to conduct their own research, seek independent advice, and verify all details independently before making any property-related decisions.

Location