Property Details for 127 Smith St, Fitzroy
127 Smith St, Fitzroy is a 4 bedroom, 1 bathroom House with 4 parking spaces. While the property is not currently for sale or for rent, it was last sold in July 2006.
Last Listing description (May 2026)
Investment Grade Freehold Three Levels, Multiple Income Streams, Redevelopment Upside The Opportunity (STCA)
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 m of lettable accommodation plus a 70 m 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
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 m 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 m*
Site depth: 40.14 m*
Gross lettable area: approximately 301 m* across three levels (ground, first, second)
Rear garage: 70 m 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, cafs, 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.
Property History for 127 Smith St, Fitzroy, VIC 3065
- 18 May 2026Sold - Price Undisclosed
- 25 Nov 2025Listed for Sale $1,950,000 - $2,145,000
- 24 Jun 2022Listed for Sale Contact Agent
Recent sales nearby
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0About Fitzroy 3065
The size of Fitzroy is approximately 1.4 square kilometres. It has 8 parks covering nearly 2.7% of total area. The population of Fitzroy in 2016 was 10445 people. By 2021 the population was 10431 showing a population decline of 0.1% in the area during that time. The predominant age group in Fitzroy is 30-39 years. Households in Fitzroy are primarily childless couples and are likely to be repaying over $4000 per month on mortgage repayments. In general, people in Fitzroy work in a professional occupation.In 2021, 38.10% of the homes in Fitzroy were owner-occupied compared with 34.50% in 2016.
Fitzroy has 8,836 properties. Over the last 5 years, Houses in Fitzroy have seen a 3.05% increase in median value, while Units have seen a 15.39% increase. As at 30 April 2026:
- The median value for Houses in Fitzroy is $1,639,295 while the median value for Units is $817,629.
- Houses have a median rent of $985 while Units have a median rent of $650.
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