58-60 Erskine Street, North Melbourne VIC 3051

Victorian dual-terrace | 510sqm rare inner-city land | heritage overlay | separate utilities | buyer’s redevelopment play This property is competitively rare because it combines two liveable Victorian terraces on a single 510sqm title in a suburb where median land is far smaller. The separate utilities mean immediate dual-income rental potential while the buyer navigates approvals, and the heritage overlay, while restrictive, typically protects facade only, leaving rear extension or subdivision scope subject to council. It suits an investor or developer who can hold through planning and wants a CBD-adjacent site that offers both yield and long-term land leverage. The primary risk is the heritage overlay, which limits demolition and may require more expensive materials for alterations, effectively costing the buyer time and design flexibility. The inconsistent bedroom and bathroom counts across listings signal a need for a physical inspection to confirm layout and condition. Opportunity lies in either retaining both terraces for rental cash flow or pursuing a townhouse development if council supports higher density. Hold this property for land appreciation and rental yield, not for a quick flip.