127 Smith Street, Fitzroy

Subscribe to regular market updates. 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 m² of lettable accommodation plus a 70 m² 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 commercial strips, with a strong tenant pool, sub-5% precinct vacancy, and structural undersupply of freehold stock at this scale. 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 m² 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). Freehold — single title Site depth: 40.14 m* Gross lettable area: approximately 301 m²* across three levels (ground, first, second) Rear garage: 70 m² 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 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, cafés, 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 131–143 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 Inspection by appointment Collingwood English Language School 19 Cambridge Street Collingwood 46 Otter Street Collingwood Fitzroy Primary School 319 George Street Fitzroy 107 King William Street Fitzroy Academy of Mary Immaculate 88 Nicholson Street Fitzroy Holmes Secondary College 185 Spring Street Melbourne Carlton Gardens Primary School 168 Exhibition Street Melbourne Abbotsford Primary School Lithgow Street Abbotsford Richmond West Primary School 25 Lennox Street Richmond Clifton Hill Primary School 20 York Street Fitzroy North Sophia Mundi Steiner School St Marys Building, Abbotsford Convent, 1 St Heliers St Abbotsford 77 Queens Parade Clifton Hill Carlton North Primary School Lee Street Carlton North Fitzroy Community School 597-599 Brunswick Street Fitzroy North Level 3 - 169 Swanston Street Melbourne The Meridian International School 196 Flinders Street Melbourne New Generation College Level 6 152-168 Elizabeth Street Melbourne 399 Lonsdale Street Melbourne Lynall Hall Community School Cnr Gleadell & Highett St Richmond Richmond High School Falconer Street Fitzroy North Fitzroy North Primary School Fergie St Fitzroy North Trinity Catholic School 57-59 Davison Street Richmond North The University High School 77 Story Street Parkville Simonds Catholic College 273 Victoria Street Melbourne West Spensley Street Primary School 193 Spensley Street Clifton Hill Princes Hill Primary School Pigdon Street Carlton North Deutsche Schule Melbourne 96 Barkly Street North Fitzroy