A genuinely rare opportunity to secure a freehold Commercial 1 zoned asset in the heart of Fitzroy's most active commercial corridor. 127 Smith Street offers what the leasing market increasingly cannot, full control of a complete three-level building on a single title, with a separately lettable rear garage accessed via Little Smith Street, on one of Melbourne's most consistently in-demand commercial strips.
Configured across ground, first, and second floors, the building delivers approximately 301 m² of lettable accommodation plus a 70 m² rear garage with parking for four vehicles. The configuration supports immediate income from day one with lease-up or occupancy achievable across all three levels independently or, equally, suits an owner-occupier seeking a complete building in a tightly held corridor.
Premium location. Smith Street, Fitzroy is among Melbourne's most consistently in-demand
commercial strips, with a strong tenant pool, sub-5% precinct vacancy, and structural undersupply of freehold stock at this scale.
Multiple income streams. Ground floor retail or commercial, upper-floor office or studio suites,
and a separately lettable rear garage, three independent income centres in one title, reducing
concentration risk and maximising total return.
Redevelopment optionality. 218 m² of C1Z land on a 40.14 m deep site with rear laneway
access. Neighbouring sites have progressed multi-storey approvals. A long-term hold delivers a
genuine landbank position with future development potential (STCA).
Key Attributes
Freehold single title
Land area: 218 m²*
Site depth: 40.14 m*
Gross lettable area: approximately 301 m²* across three levels (ground, first, second)
Rear garage: 70 m² with parking for four vehicles, accessed via Little Smith Street , income
additive as a standalone asset
Zoning: Commercial 1 Zone (C1Z) maximum use flexibility for tenant attraction and retention
Approximately 2 km from Melbourne CBD
9+ lettable rooms across the building
Redevelopment potential (STCA)
Suited to immediate owner-occupation, single-tenant lease, multi-tenancy configuration, or
value-add repositioning
Location
Smith Street has earned its place as one of Melbourne's most distinctive commercial corridors.
Recognised internationally, Time Out named it one of the world's coolest streets and
consistently identified by Australian property media as one of Victoria's most resilient retail and
commercial strips. The Smith Street corridor has undergone a sustained precinct evolution over the past two decades, transitioning into one of Melbourne's most sought-after mixed-use commercial addresses, anchored by hospitality, health, creative, and professional services occupiers.
The address sits within steps of:
Some of Melbourne's most respected restaurants, cafés, and wine bars
Independent retail anchored by long-standing operators and emerging brands
The Smith Street tram corridor with direct CBD connection
Major creative, professional, and design employers across Fitzroy and Collingwood
With 131143 Smith Street attracting major apartment development approval and the precinct
continuing to densify, the underlying land value trajectory for C1Z sites of this depth remains firmly
positive.
