Description

Positioned within one of Melbourne's most tightly held bayside precincts, this boutique apartment opportunity at 74 Nott Street, Port Melbourne presents a compelling acquisition for investors seeking secure income and long-term capital growth.

Located just 3km from the CBD in the highly regarded suburb of Port Melbourne, the property enjoys immediate access to the beachfront, Bay Street's established café and dining strip, quality retail amenity and direct tram connectivity to the city via Route 109.

Investment Overview

Configuration: 2 Bedrooms | 2 Bathrooms | 1 Car

Price Guide: From $995,000

Tenancy: Fully tenanted with staggered lease expiries

Current Rental Income: $700 – $755 per week


Lease Expiry Range: May 2024 – January 2026

Suburb Vacancy Rate: Approx. 1.3%

The staggered lease profile provides flexibility, offering immediate income security while allowing future repositioning should an owner-occupier strategy be considered.


Location & Lifestyle Appeal

Port Melbourne remains one of inner Melbourne's most desirable coastal suburbs, offering a balanced combination of lifestyle amenity and city proximity.

Key highlights include:

Walking distance to Port Melbourne Beach

Moments to Bay Street shopping, cafés and restaurants

Direct tram access to the CBD

Proximity to the West Gate Freeway and major arterial links

Established cycling and waterfront walking paths

The suburb recorded an 18.6% increase in median house prices in the March 2025 quarter - the highest growth recorded across metropolitan Melbourne during that period

With ongoing urban renewal and infrastructure investment underway, the area continues to strengthen as a blue-chip investment location

Quality Specifications

These apartments incorporate durable, premium inclusions designed to enhance tenant appeal and minimise ongoing maintenance.

Kitchen Features

40mm Caesarstone benchtops

Miele 600mm gas cooktop

Miele 600mm underbench oven

Miele dishwasher

Stainless steel sink with chrome mixer tapware

Glass splashback

Comfort & Living

Two reverse cycle split systems per dwelling

Quality carpet to bedrooms

Spotted Gum or timber flooring to living areas

Holland blinds throughout

Bathrooms

Frameless shower screens

Chrome tapware

Poly-marble basins

Acrylic bath

Full height wall tiling

Energy Efficiency

Solar hot water or 2000L rainwater tank (as per energy rating)

Insulation throughout

Hardwired smoke detectors

Double power points internally

Specifications are detailed within the official development documentation


Rental Strength & Cash Flow

With current rents ranging from $700–$755 per week and a vacancy rate of approximately 1.3%, Port Melbourne demonstrates sustained tenant demand.

The demographic profile - professionals, executives and lifestyle-focused renters - supports consistent occupancy and strong rental retention.


Depreciation Potential

BMT Tax Depreciation estimates indicate significant depreciation allowances for investors.

For a typical 2-bedroom apartment at $995,000:

Estimated Year 1 maximum depreciation: approx. $18,775

Estimated 10-year cumulative maximum: approx. $153,000+

Depreciation benefits may substantially enhance after-tax returns (subject to independent tax advice).

Strategic Investment Rationale

Prime inner-city coastal location

Fully tenanted income-producing asset

Tight rental market conditions

Demonstrated capital growth performance

Ongoing infrastructure investment

Quality construction and finishes

Strong lifestyle appeal supporting long-term demand

Opportunities within tightly held bayside pockets such as Port Melbourne remain limited, particularly fully leased boutique assets within walking distance to the beach and CBD transport.

📞 Contact Chris Pullen on 0434 449 455