4508/138 Spencer Street, Melbourne VIC 3000

Studio apartment with study | Premier Tower high-rise | Southern Cross Station opposite | Strong rental demand zone The property’s competitive position rests on its adjacency to Southern Cross Station and the SkyBus terminal, which anchors consistent tenant demand from professionals and students who prioritise transport connectivity. The study space and car park are uncommon in a one-bedroom floorplan at this size, giving a buyer a functional edge over nearby studio and one-bedroom stock. The building’s amenity set—pool, gym, theatre, and games rooms—supports premium rental positioning, particularly for lease-by-room strategies if permitted. This unit suits an investor targeting yield over capital growth, or an owner-occupier who values transit access and building services over absolute square footage. The heritage overlay is the primary structural constraint, potentially limiting future alterations or facade-related works and adding compliance cost on resale. The 49-square-metre internal area sits below the typical one-bedroom benchmark, which may narrow the buyer pool at the upper end of the price range. Rental income of $625–$750 per week is achievable but requires furnished presentation and active management to sustain. For an investor, the hold case is straightforward: secure a long-term tenant, capitalise on the car space premium, and exit when interest rate cycles favour smaller CBD units. For an owner-occupier, treat this as a lifestyle purchase with strong liquidity, not a renovation play.