515-523 Spencer StreetWest Melbourne VIC 3003
Property Details for 515-523 Spencer St, West Melbourne
Last Listing description (November 2023)
Vinci Carbone is privileged to be able to offer for sale, the Royal Mail Hotel located at 515-523 Spencer Street, West Melbourne - a unique city fringe opportunity.
The availability of this outstanding city fringe property represents a magnificent opportunity for either owner occupiers who wish to refurbish the existing improvements or developers wanting to take advantage of this excellent location for a residential or commercial development (STCA).
Key highlights:
Refurbish existing hotel building for hospitality or refurbishto offices or retail
Redevelop into residential or office building (STCA)
Substantial landholding of 453 sqm*
Prime corner site with total frontage of over 61 metres (Spencer St, Stanley St & ROW)
Special Use Zoning
Offered with vacant possession
Rarely does a site of this size in such a highly sought after location become available for sale being within close proximity to the CBD, Hospitals, Melbourne University, Queen Victoria Market, Flagstaff Gardens, Docklands and RMIT.
*approx
Property History for 515-523 Spencer St, West Melbourne, VIC 3003
- 02 Sep 2024Sold for $3,850,000
- 12 Sep 2023Listed for Rent $400 / week
- 03 Aug 2022Listed for Sale Contact Agent
Recent sales nearby
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About West Melbourne 3003
The size of West Melbourne is approximately 6.7 square kilometres. It has 14 parks covering nearly 2.4% of total area. The population of West Melbourne in 2016 was 5515 people. By 2021 the population was 8025 showing a population growth of 45.5% in the area during that time. The predominant age group in West Melbourne is 20-29 years. Households in West Melbourne are primarily childless couples and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in West Melbourne work in a professional occupation.In 2021, 32.40% of the homes in West Melbourne were owner-occupied compared with 34.50% in 2016.
West Melbourne has 8,470 properties. Over the last 5 years, Houses in West Melbourne have seen a 10.55% increase in median value, while Units have seen a -1.65% decrease. As at 31 October 2025:
- The median value for Houses in West Melbourne is $1,410,750 while the median value for Units is $513,670.
- Houses have a median rent of $625 while Units have a median rent of $600.
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