84W Toorak Road, South Yarra VIC 3141

Victorian house with four rear strata apartments | Overlooks Fawkner Park | Rare income-producing heritage site | Demands a sophisticated buyer This property is competitively rare in South Yarra because it combines a double-fronted Victorian house with four separate one-bedroom strata apartments at the rear, all on a 510-square-metre site overlooking Fawkner Park. Most houses in this suburb sit on smaller lots or lack the income stream that the rear apartments provide. The configuration serves a buyer who values heritage character, a premium parkland setting, and the financial flexibility of holding multiple tenancies on one title. It is best suited to an owner-occupier who can live in the front house while collecting rent from the rear, or to an investor who sees long-term optionality in the land and its existing income structure. The value of this property may be influenced by the condition of the Victorian house and the four apartments, as older stock typically requires higher ongoing maintenance and may need upgrades to meet modern rental expectations. The heritage overlay that likely applies to the streetscape could constrain any future redevelopment or significant alteration, which a buyer should weigh against the redevelopment potential noted in the listing. The strata-titled rear units also introduce a layer of management complexity that may affect how easily the property can be sold or refinanced in the future, though this same feature supports a stronger income profile than a standard single-house holding.