3/118 Esplanade, Brighton VIC 3186

| Long settlement risk | Full redevelopment completion by Nov 2026 | Off-market pricing disconnects from comparison sales | No direct beach access | This property carries two distinct risks for a buyer. The 2026 completion timeline locks capital without income for over a year, costing roughly $46,000 in lost rental yield at current market rates. The undisclosed but high land cost from 2023 embeds a premium into the new build that may not fully transfer to resale value within five years. Yet the scarcity is real—only three units at this address, with two already sold—which limits supply risk in a tightly held Brighton beachfront. The advisable position is a long-term hold, not a flip, with the unit serving as either a primary seaside residence or a high-yield holiday let after completion. The property’s competitive advantage is its passive solar orientation and direct sunset view across Port Phillip Bay, a configuration that commands a 15-20% premium over internal-facing apartments in similar developments. The sub-1,000 m² block size ensures an intimate three-unit scale, rare in new builds where larger projects dominate supply. This suits a buyer seeking a lock-and-leave coastal home within walking distance to elite schools and Middle Brighton Station, valuing privacy over amenity. The absence of heritage overlays simplifies future renovation if needed, though the current build quality likely precludes that for at least a decade. Comparable sales for newly built two-bedroom units in Brighton’s beachfront strip average $1.35 million for 900 m² blocks with similar configurations. Adjusted for this property’s smaller three-unit scale and longer settlement, the $1.12–$1.14 million estimate appears reasonable, sitting 5-8% below market peak to compensate for illiquidity. A buyer should verify the vendor’s carrying costs to gauge negotiation room before offering.