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Overview
This expansive property at 191 Inkerman Street in St Kilda offers a compelling prospect for developers and investors seeking a prominent foothold in one of Melbourne's most desirable inner-city locations. Currently spanning a substantial 876 square meters, the site features a versatile mix of a traditional house and a three-level building comprising nine apartments, reflecting established residential use with strong income potential.
The standout appeal lies in its approved planning permit, which authorizes a new residential development consisting of ten contemporary two-bedroom apartments. This approval provides a secure pathway for a boutique project that blends modern living with the vibrant lifestyle of St Kilda, known for its cultural richness and coastal proximity. The opportunity to transition from the existing assets to a premium residential offering aligns well with today's market demand for sophisticated, inner-city apartment living.
Such a development is likely to resonate with a range of purchasers, including astute developers looking to capitalize on prime land with ready approvals, as well as investors prioritizing long-term growth potential in a highly sought-after precinct. The existing configuration supports immediate rental income while offering flexibility for a future higher yield setup.
Overall, 191 Inkerman Street presents an attractive and rare proposition that combines land size, permitted development, and location advantages, positioning it as a strategic acquisition for those aiming to deliver quality residential living in St Kilda’s flourishing property market.
Local Market Insights
In St Kilda, Quiet Listings observed 42 new apartments entering the market over the last 30 days, up from 38 during the previous 30-day period, with an average advertised asking price of $713,774. The property type mix of listed properties is predominantly Apartments at 86%, followed by houses (8%), and units (2%). The most active agency for apartments in the St Kilda area is currently Belle Property, representing 26% of new listings, followed by Buxton Real Estate Group with 17%. These insights are based on agencies currently monitored by Quiet Listings and are updated as the local market changes.
While every effort is made to ensure the accuracy and completeness of the property information provided, no guarantee is given. Buyers should independently verify all details, inclusions, availability, pricing, and other relevant information directly with the listing agent before relying on this information.
Change History
| Headline | When |
|---|---|
| Contact Agent | |
| $2,850,000 - $3,100,000 |
Location
Market Insights for St Kilda VIC 3182
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