204/127-129 Fitzroy Street, St Kilda VIC 3182

| Heritage overlay risk | Car space, not garage | 48m² compact footprint | Yield 6.1% but soft demand | No flood cover — overlooked | The heritage overlay HO127 restricts any external changes and limits future renovation potential, costing you flexibility and resale appeal to buyers who want to modernise. The open car space adds parking utility but lacks security, while the small floorplan suits a downsizer or investor more than a growing household. Still, the location near St Kilda Beach and trams offers strong rental demand at a 6.1% yield, making this property a viable hold for cash-flow rather than capital appreciation. This unit’s competitive strength lies in its renovated interior within a landmark heritage building, with soaring ceilings and double-glazed windows that reduce noise better than most period apartments. The induction cooktop and timber floors appeal to professionals seeking low-maintenance city-fringe living without sacrificing character, but it fits best for a single buyer or couple prioritising lifestyle over space. To secure this property, act on the next inspection this Sunday and compare its condition against recently sold units in The George to validate the price floor.