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It doesn’t get more heritage charm than a triple-stacked Lygon classic, an iconic example of Melbourne’s architectural history. Nestled in the heart of Carlton, this property embodies timeless elegance with its rich character and storied past. If the appeal of strolling to Carlton Gardens, Melbourne University, or the bustling CBD doesn’t immediately captivate you, the strategic mixed-use setup certainly will. Perfectly balancing commercial and residential opportunities, this venture is designed to offer both lifestyle and investment potential.
Whether you’re dreaming of owning a slice of history or securing a lucrative asset, this property is set to not only be a home but a legacy. With such a rare combination of charm, convenience, and flexibility, it’s easy to see how this could be the place where you settle down and perhaps even retire early.
Brunetti Classico
A gem of an asset with nothing but possibility for its current and future state, this is your next headquarters or your next project. Sound too good to be true? Call our Bluff.
“It’s smart business — thanks to the future connectivity through the new Melbourne University train station — and it’s a pleasure to walk to the best spots in town whilst others are still circling the block looking for a park”
With an interest in commerce and experience in construction management, Luca has both the creativity and practical problemsolving skills needed to cut it in this industry. Enthusiastic. Committed. Diligent. Having joined CVA in 2017, it was 2020 that saw him become a Sales and Leasing Executive. A role in which Luca is able to showcase his enthusiastic side, fixated on even the smallest of details which make all the difference in helping both developers and investors alike. It’s all of this that will keep you interested in working with him, well beyond the point at which your transaction concludes.
Daniel Philip | 0439 977 121 daniel.philip@cva.melbourne
“A historic asset with timeless charm, ask any real estate expert and they’ll tell you to diversify your portfolio — and this one blends residential appeal with commercial opportunity at the base.”
An agent that turns first impressions into lasting commitments. Since the early days of his career, Daniel has established a level of service that is defined by in-depth market knowledge, expert advice and responsive communication. Committed to creating value in the commercial real estate opportunities he matches with his clients’ objectives, and the ability to think outside the square. Especially if that extends well beyond Melbourne’s inner-city grid.
Like the cakes stacked in Brunetti’s cabinet, this residential and commercial heirloom is about as lucrative as it is self-indulgent. The ground floor is a classic retail food space with the front of house drawing the people in, and the commercial kitchen at the back serving the goods. It’s proudly leased to Martabak Pecenongan 78 & D’Bakmie — a mouthful to say, a delicious one to try. And 377 highly-rated Google reviewers would agree with you there. Martabak has recently renewed a 3 + 3 year lease, which commenced 14th December 2024.
Head upstairs to the first-floor apartment, a spacious residence that’s even more so because it’s offereed with vacant possesion. There’s a generous bedroom, living and dining space with views out to Lygon Street, and lofty ceilings reaching 4 m* for both apartments.
The second-floor residence has a month-to-month agreement, with assured rental growth for one of the best locations in Melbourne, from a CBD, university, and culture point of view. Overall, there are 3 on-site title car spaces at the rear, and plenty of on-street parking for customers.
TENANCY SCHEDULE
Ground Floor Tenant
Current rental
Lease terms
Further terms
Outgoings
JC Victory Pty Ltd Trading as Martabak Pecenongan 78
$55,417.68 p.a + outgoings
Three (3) Years (ground floor only)
Three (3) Years (ground floor only)
Ground floor outgoings payable as per the lease. Landlord is responsible for 1st and 2nd floor apartment outgoings.
Martabak Pecenongan 78
Founded in 1960 and with more than 400 outlets in Indonesia, the popular chain Martabak Pecenongan 78 has arrived in Melbourne. No need to fly to Indonesia to eat martabak, a sweet dense pancake with toppings like condensed milk, chocolate, nuts, toasted rice and cheese. At the Lygon Street venue you can sample them all - sweet martabak, crispy thin martabak and crispy egg martabak (chicken, beef and vegetarian).
Principle
Site Details
Title particulars
Frontage to Lygon Street 5 metres*
Western side boundary 23 metres*
Eastern side boundary 23 metres*
Southern side boundary 5 metres*
Total site area
Certificate of Title — Volume 10039 Folio 557 Lot 17 on Plan of Subdivision PS303461Y
Zoning Commercial 1 Zone (C1Z)
Planning Overlays
Design & Development Contributions Plan Overlay Parking Overlay — Precinct 1 (PO1) Heritage Overlay (HO66)
Municipality Melbourne City Council
All signs point to: Lygon Street.
Drop the pin on this address and you’ll realise the walkability, from Carlton Gardens and Princes Park to the CBD and Cinema Nova.
Prime location & foot traffic
Lygon Street is a buzzing cultural and culinary hotspot, attracting a steady stream of locals, students, and tourists — but it goes beyond traditional Italian fare. It’s a widely multicultural area that boasts an array of cuisines and businesses, attracting more than just the espresso-chaser.
Rubbing shoulders with the sectors
With Melbourne University and medical precincts at arm’s length, there’s a consistent need for retail and residential space close by, offering this investment stability and growth potential. Not only that, but the transport connections are second to none thanks to the city-bound trams and future suburban rail loop.
Long-term growth
Carlton’s ongoing urban renewal and gentrification, coupled with its proximity to the Melbourne CBD, means long-term capital growth potential. Over the past five years, Carlton has seen a marked increase in population density, driven by a surge in apartment developments and its appeal to students, professionals, and young families.
Educational Precinct
AND THE POINT?
Carlton is a major educational hub, home to a vibrant student community due to its proximity to top institutions. The University of Melbourne in Parkville and RMIT University’s city campus are both within walking distance, with the premises being in the school zone for University High School. The suburb also hosts Melbourne Business School, Melbourne Law School, and Graduate House, providing accommodation and support for postgraduate students. With its academic focus and lively atmosphere, Carlton is a prime location for students and professionals alike. Strategic. Visible. Connected.
With its unbeatable location near Melbourne’s smartest, healthiest, and highly caffeinated minds, plus a heaving flow of foot traffic, it’s the prime spot for both short-term rental returns and long-term capital growth. A future-proofed combination of culture, convenience, and character — sans counting calories.
LYGON HISTORY
The shop, constructed in 1888 by architect George De Lacy, is a prime example of the “Marvellous Melbourne” boom style that defined the city’s growth during the 1880s and 1890s. Recognized for its striking cement-rendered decorative works, it stands as a testament to recognise the era and the architectural mastery of its time.
All signs point to: Carlton.
Lygon Street’s transformation over the past decade is a tale of reinvention with a nod to its storied past. Once the beating heart of Melbourne’s Italian community, it’s now a dynamic blend of old-world charm and contemporary vibrancy. Historic cafés and classic Italian eateries still line the street, but today, they’re joined by chic boutiques, trendy bars, and cutting-edge office spaces — plus industry-leading and beloved local Asian eateries.
The area has evolved from a nostalgic strip into a cultural and gastronomic hotspot, while its proximity to Melbourne University and the CBD ensures it continues to attract a steady stream of students, professionals, and tourists. Lygon Street’s resurgence is a testament to the enduring appeal of heritage mixed with modern flair — making it as relevant today as it was a century ago.
The new train station at Melbourne Uni is a gamechanger. Linking directly to key lines like Cranbourne, Pakenham, and Sunbury, it cuts commute times and connects the area effortlessly to the CBD and beyond. For students, professionals, and residents, it’s the convenience of modern transit right at your doorstep — supercharging foot traffic on Lygon Street and elevating the area’s appeal as both a business and cultural hotspot. A smart move for anyone looking to tap into Melbourne’s pulse.
CARLTON BY NUMBERS
A pocket of youthful energy with a cosmopolitan edge. Around 50% of residents are aged 18 – 34, thanks to the proximity to Melbourne University, while the area boasts a significant proportion of renters (around 70%). With a median age of 29, it’s a vibrant, fast-moving demographic, underpinned by a solid mix of local and international residents. The area is also seeing an increase in high-income earners and professionals, reflecting its growing appeal beyond just student housing.
The median house price in Carlton is currently hovering around $1.5 million, a clear reflection of its coveted location and ongoing growth. With its mix of heritage properties and sleek new developments, this price tag positions Carlton firmly in the premium market — making it a savvy investment for those looking to capitalise on Melbourne’s inner-city buzz.
30th January 2025
To whom it may concern,
We wish to confirm that the above-mentioned property in our professional opinion has the potential to be leased in the vicinity of $500 - $550 per week.
Whilst time and research are undertaken to conclude this opinion, we would like to state this is not intended to be taken as a sworn valuation.
Should you require any further information please feel welcome to call or email me on the below details.
