2/24 Ireland Street, West Melbourne VIC 3003

Two-level apartment | 85m² internal size | heritage overlay | high rental demand | strata on large 2,713m² block This unit presents a competitively rare internal volume for a one-bedroom configuration, directly enhancing its liveability and rental appeal against typical stock. Its position on a substantial strata parcel with a heritage overlay suggests enduring streetscape character and limits future high-density encroachment, providing a stable neighbourhood context. The property best serves an investor or owner-occupier seeking a spacious inner-city foothold, where the larger floor plan and two-level layout command a premium from tenants and buyers alike, as evidenced by rental estimates at the top of the suburb’s range. Decision hinges on reconciling the premium for space against the inherent illiquidity of a unique layout and strata governance. The primary risk is valuation variance due to limited direct comparable sales, potentially impacting finance and resale ease; this costs the buyer in negotiation leverage and requires a longer investment horizon. The commercial logic is clear: secure a high-yielding, character-filled unit in a tightly held complex, where the rental yield near 5% supports holding through cycles. Acquire this for a long-term hold, leveraging its scarcity, but only within the lower quartile of the listed price range to buffer against strata title comparables. Recent sales within the same complex at 24 Ireland Street provide the most relevant benchmark: – A 2-bed, 2-bath unit sold for $630,000 in December 2025 after 102 days on market. – Another 2-bed, 2-bath unit sold for $605,000 in December 2025 after 168 days. – A 3-bed, 2-bath, 3-car townhouse sold for $1,586,000. These transactions confirm a established value hierarchy within the complex and context for pricing this larger-format one-bedroom unit. The extended market times for the two-bedroom units suggest a niche buyer pool, a factor that will equally apply to this property. Your offer must be anchored by the lower-priced two-bedroom sale, adjusting downwards for the single bedroom configuration while accounting for this unit’s superior internal area.