366 King Street, West Melbourne VIC 3003

Victorian terrace | heritage overlay | non-residential use | CBD fringe | zoned for schools This property presents a distinct opportunity as a character-filled terrace on the CBD fringe, offering both a future residential conversion project and immediate office utility. Its heritage charm and bluestone foundation provide enduring appeal, while zoning for established schools and proximity to tram lines serve long-term owner-occupiers or investors seeking a tenantable holding. The property is best suited to a buyer with the capacity to navigate heritage controls and potentially reconfigure its internal layout over time. The primary risk is the cost and approval uncertainty of converting a long-term office back to a residence within a heritage overlay, which will pressure renovation budgets and timelines. The indicative price bands appear modest against the Domain estimate, suggesting a pricing anomaly or a reflection of these conversion hurdles. Proceed only with a commercial logic that secures the property at a price which fully funds its required adaptation, holding it as a strategic landbank play in a tightly held location. A comparable house sale in West Melbourne was recorded at $1,430,000 within the last year. This single data point, while limited, suggests a stronger underlying market for period homes in the area than the current listing’s indicative range may imply, warranting further investigation into the discrepancy.