5 Union Street, Richmond VIC 3121

Heritage overlay | 36% site coverage | 28m deep block | flexible layout | 65% clearance zone. The property’s 8.7-metre frontage on a 28-metre deep lot with only 36% site coverage presents a rare configuration edge in Richmond’s heritage precinct. This underbuilt footprint offers a buyer the structural capacity to reconfigure the rear outdoor zone or potentially add a studio without triggering full redevelopment. The flexible 3-4 bedroom layout suits a professional couple or small family seeking a high-amenity walking catchment to Richmond West Primary and the Gleadell Street campus. The 2016 sale price of $1.52 million provides a clear floor for value, and the current $1.55–1.70 million expression of interest range sits within a medium-confidence estimate of $1.587 million, suggesting limited downside if negotiated near the lower end. The heritage overlay imposes strict controls on front facade alterations, which caps the upside for a cosmetic flip and adds approval time for any external changes. The 88-square-metre building footprint is compact for a family, and the 7-metre roof height limits vertical expansion without council consent. Rental income of $1,045 per week offers a gross yield near 3.5% at the lower price point, which is acceptable for an inner-suburban house but not a primary hold strategy. The buyer’s edge lies in securing the property below $1.6 million, then holding for land-value appreciation in a precinct with 60% owner-occupation and a 65% clearance rate. Use this as a long-term land hold with optionality to improve the rear.