301/16-22 Cobden Street, North Melbourne VIC 3051

Warehouse character, two-bedroom configuration | flood and heritage overlays present | 70% owner-occupied building | short market exposure after recent sale. The property’s warehouse character and two-bedroom layout offer a rare configuration edge in North Melbourne’s unit market, where most one-bedroom flats trade near $379,000. The 70% owner-occupied building signals stable tenure and lower turnover risk, supporting a buyer seeking long-term hold. This unit serves best an owner-occupier wanting character space near the city, or an investor targeting the $560 weekly rental range with above-median floor area. Flood and heritage overlays introduce approval friction and potential insurance cost, narrowing the buyer pool and capping capital growth relative to unencumbered stock. The November 2025 sale at $675,000 suggests a motivated seller or overpricing correction, giving a buyer negotiating leverage. Hold this property as a medium-term residence or rental; avoid short-term flipping given overlay constraints.