518/181 Exhibition Street Melbourne VIC 3000

2BR CBD unit | North aspect | 1995 build | Pool & gym | Heritage overlay This unit presents a competitively priced CBD entry with a rare combination of full building amenities and original character in the theatre district. Its north-facing aspect and larger 83m² floor plan for a two-bedroom configuration offer a tangible lifestyle and liveability edge over newer, smaller builds. It serves best as a long-term hold for an owner-occupier valuing space and charm, or an investor attracted by the established rental demand from tenants seeking a serviced building with identity. The primary constraints are the heritage overlay, which limits renovation potential, and the single bathroom, which caps its appeal ceiling. The 1995 construction necessitates a rigorous review of capital works funds and building condition. Proceed only if the character and amenity premium justifies the older build, treating it as a lifestyle purchase with moderate capital growth expectations. A PropCred report would pressure-test the claimed valuation against true comparable sales, clarify heritage restrictions, and assess the building’s financial health. The property last sold for $536,000 in late 2020. The current asking price of $620,000 against a median of $536,000 for Melbourne two-bedroom units suggests a premium is being asked for its location, size, and building facilities. This gap requires validation through recent, like-for-like sales in the immediate precinct to confirm if the amenity package commands the premium.