Carlton landmark with 100-year legacy listed for sale
A piece of Carlton history has hit the market for the first time in a century, offering a shopfront mixed-use property that embodies heritage charm in a tightly held pocket of inner-city Melbourne.
Located at 138-144 Elgin Street, the three-level building occupies a 520-square-metre dual-fronted site with 20 metres of prime Elgin Street frontage. Designed by celebrated architect Maggie Edmond AM, the property has long been part of the suburb’s architectural fabric.
Once home to Steinberg Drapers – a textile business established in the early 1930s by Hyman and Phyllis Steinberg – the building has remained in the same family for nearly 100 years. Its 2015 transformation maintained the original facade while integrating a new structure that caters to modern tenants.
The result is a 1390-square-metre mixed-use building featuring a ground-floor retail tenancy, 19 studio apartments, three two-bedroom apartments, and a rooftop terrace with city views. A permit-approved fourth level adds to the appeal for redevelopment, allowing for up to 10 additional studio apartments, which is rare in one of Melbourne’s most coveted suburbs.
Currently leased to Gertrude Grocer and the Melbourne Studio Apartments Hotel, the property generates a secure combined income of nearly $495,000 a year (excluding GST and outgoings). Both tenancies include fixed annual increases of 3 and 4 per cent, ensuring steady rental growth well into the future.
Colliers investment services manager Ryan Milivojac says the property blends heritage and performance in a way few inner-city investments can.
“The property represents a rare chance to acquire a landmark Carlton asset that combines heritage charm with modern functionality,” he says.
“With a permit-approved fourth level and strong tenant mix, 138-144 Elgin Street is perfectly positioned for future growth and value-add potential.”
Situated within a Commercial 1 Zone, the site is surrounded by some of Melbourne’s most popular amenities, from the University of Melbourne and Lygon Street cafes to major public transport links.
Gross Waddell ICR director Michael Gross says the property’s location ensures its enduring appeal.
“Carlton remains one of Melbourne’s most desirable city-fringe precincts, offering unrivalled access to education, retail, hospitality and public transport,” Gross says.
“Its proximity to the University of Melbourne, Scape and UniLodge student accommodation, and key tram and bus routes makes it an exceptional investment.”
The property is being sold via an expressions-of-interest campaign closing at 2pm (AEDT) on Thursday, November 20.
