32/1 Riverside Qy, Southbank VIC 3006

Heritage warehouse conversion | Low-traffic Southbank pocket | Exposed brick and deep windows | Strong rental yield potential This property occupies a genuinely rare configuration within Southbank: a heritage-listed warehouse conversion with exposed brick and original deep windows, offering a character profile that standard new-build apartments cannot replicate. The low-traffic pocket and strata-titled car space further differentiate it from the majority of stock in the precinct. For a buyer seeking a city-fringe home with architectural distinction and reliable rental demand, this unit presents a defensible position. The building’s 55% owner-occupier ratio and 36% long-term tenure signal a stable resident base, which typically supports both capital preservation and tenant quality. The primary risk is the flood overlay detected on title, which may affect insurance costs and future lending appetite from some financiers. Heritage overlay also restricts alteration potential, so any renovation plans must be checked against council requirements. On the opportunity side, the current asking range sits close to the 2023 sale price of $812,000, suggesting limited price growth over the holding period. However, comparable unit 44 sold at $960,000, indicating that well-presented units in this building can achieve a premium. The rental estimate of $775 per week supports a gross yield near 5%, which is competitive for Southbank. A building inspection is recommended before proceeding.