Serviced Apartment Operator Buys Block of 27 East Melbourne Flats

The 1950s brick apartment block at 462 Victoria Parade may be converted into serviced apartments, sources speculated, similar to complexes Darling Towers operates in the CBD, Queens Road and South Yarra.

A spokesman for Darling Towers was not available for comment when contacted by Capital Gain.

Apartments at 462 Victoria Parade are split as studios, one-bedroom and two-bedroom units – all popular configurations for serviced apartment operators, which differ from traditional hotel rooms by being self contained and having a full kitchen.

Developers including Mirvac and Burbank Homes were represented at the East Melbourne auction this week.

Beller Commercial’s Robert German and Fred Nucara marketed the property. The sale price translated to a low 3.98per cent yield.

It was the first time the property has been offered for sale since it was built more than 50 years ago, the agents said.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of