2802/220 Spencer Street, Melbourne VIC 3000

High-floor 2-bed, 2-bath CBD apartment | Heritage building with pool | Strong rental yield | No NBN connection This unit presents a competitively strong offering within its building due to its high-floor configuration and two-bathroom layout, which commands a premium over lower-level and single-bathroom comparables. Its position in a 2012-built tower with amenities like a pool and city views serves investors seeking high-yield CBD rentals and owner-occupiers valuing central convenience over land. The heritage overlay provides architectural character but imposes no bushfire or flood risk, while the 5G coverage mitigates the lack of NBN. This property best suits an investor prioritizing immediate cash flow from Melbourne’s tight rental market or a professional accepting strata living for unparalleled city access. The primary risk is the suburb’s negative growth trend, which could suppress capital gains and contrasts with the building’s high rental demand. The price guide sits at the upper end of the building’s sales range, requiring verification that the floor premium justifies the cost against recent sales. An investor should leverage the proven 7%+ yield, while an owner-occupier must weigh the lifestyle benefits against potential strata constraints. Proceed with an offer anchored to the lower spectrum of the guide, as the configuration is desirable but not unique within the large building pool. Recent sales in the building demonstrate a clear value hierarchy: a two-bedroom, one-bathroom unit on level 17 sold for $490,000 in January, while a comparable two-bedroom, two-bathroom unit on level 39 was listed around $635,000. This establishes that two bathrooms and higher floors command significant premiums. Your target unit, on level 28 with two bathrooms, is therefore correctly positioned in the $600,000-$640,000 range, but its final value hinges on its specific view and condition relative to these benchmarks.