602/217 Abeckett Street, Melbourne VIC 3000

Top-floor rarity in a boutique 21-unit building | Japanese-designed interior with high vaulted ceilings | Quiet northern city pocket near Flagstaff Gardens | Strong rental yield above 6% | Predominantly owner-occupied building character This unit offers a rare combination of scarcity and design distinction. Being one of only four per level in a converted 1888 factory, the top-floor position provides treetop views and privacy not typical for Melbourne CBD apartments. The Japanese-inspired fit-out,Shoji screens, timber beams, vaulted ceilings,creates a genuine point of difference in a market where most units are generic. For a buyer seeking a long-term hold with lifestyle appeal, the building’s 40% owner-occupier ratio and heated pool, spa, and gym add tangible retention value. The location in a quiet northern pocket near Flagstaff Gardens, Queen Victoria Market, and good public transport suits professionals or downsizers who want city access without street noise. The primary risk is the price guide sitting above Domain’s mid-estimate, which suggests limited immediate upside in a market with 2.9% suburb growth. The 19-year hold since last sale indicates low turnover, so resale liquidity may be slower. However, the 6.29% rental yield is strong for Melbourne, making this viable as an investment if the buyer’s timeline is five years or more. The compact laundry and lack of dishwasher plumbing are minor functional constraints. For a buyer, the best use is owner-occupation with the option to rent out later,the design and building quality should hold value better than nearby high-rise stock.