134 Percy Street, Portland VIC 3305

9-bedroom office house | mixed-use zone risk | undersupplied central Portland | vacancy exposure The property’s primary risk is its oversized floor plan designed for commercial use, which creates holding-cost pressure if residential conversion is required. Zoning flexibility under Glenelg Shire allows for either use, but the 349-square-metre building demands capital for retrofitting or tenant fit-out. The buyer’s opportunity lies in acquiring a rare inner-block site with low competition—two-level office space in a coastal town with limited stock. On balance, this is a hold-and-adapt proposition best suited to a buyer with a medium-term horizon and renovation appetite. What makes this competitive is the rare combination of a 797-square-metre allotment and mixed-use zoning at the gateway to Portland’s CBD. The eight ground-floor offices and separate boardroom provide immediate income potential from professional tenants, while the upper-level space offers owner-occupier flexibility. This property best serves an investor seeking diversification from standard residential, or a business owner wanting to occupy and control cash flow. To proceed, secure a building and pest inspection for the 1950s structure and engage a local commercial valuer to benchmark rental yields for your preferred use case.