318/111 Canning Street, North Melbourne VIC 3051

Modern high-floor unit | three toilets | on-site retail & cinema | leased until 2026 This unit presents a competitively strong proposition due to its rare three-toilet configuration and premium as-new finishes within a full-amenity building. The inclusion of a separate powder room and dual ensuites is atypical for a two-bedroom apartment, elevating its appeal for sharers or small families and supporting a rental premium. Its current secure tenancy until mid-2026 provides immediate income certainty, making it particularly suitable for an investor seeking a hands-off, high-quality holding, or an owner-occupier planning a future move. The primary decision hinges on the premium priced for the building’s amenities and finish against the inherent risks of a high-density, strata-title property. Body corporate fees and potential for special levies are a fixed cost of accessing the concierge-style services. The commercial logic is clear: secure the tenancy and the superior specification, but only at a price that acknowledges the suburb’s broader apartment market. Proceed if the purchase price aligns with the upper quartile of two-bedroom sales, positioning it as a long-term hold to mitigate strata cost impacts. Recent comparable sales nearby indicate a G7/388 Queensberry Street, North Melbourne (2 bed, 2 bath, 1 car) is under contract with no price disclosed. General suburb data shows two-bedroom apartments selling in a $550,000 to $700,000 range. This suggests the subject property’s $600,000-$650,000 guide is positioned at the lower to middle of the current market spectrum for a premium product, providing a credible entry point for a well-appointed unit.