A landmark property with deep historical roots and architectural significance is being brought to market by Colliers in conjunction with Gross Waddell ICR, presenting a rare opportunity to secure one of the suburb’s finest investment offerings.
The property comprises a three-level mixed-use building designed by renowned architect Maggie Edmond AM, occupying a 520 sqm dual-fronted landholding with 20 metres of prime Elgin Street frontage.
The building spans 1,390 sqm and includes a ground-floor retail tenancy, 19 studio apartments, three two-bedroom apartments, common areas, and a rooftop terrace with views across the Carlton skyline. A permit-approved fourth level offers scope for future expansion, including ten additional studio apartments.
Originally the site of Steinberg Drapers, a textile business founded in the early 1930s by Hyman and Phyllis Steinberg, the property has been held by the same family for nearly 100 years. Its transformation in 2015 retained the heritage façade while introducing a contemporary structure tailored to modern occupiers.
Currently leased to Gertrude Grocer and Melbourne Studio Apartments Hotel, the asset generates an annual income of $494,845 (excluding GST and outgoings), offering a secure and diversified income stream across two high-performing sectors. Robust fixed annual rental increases of 3% and 4%, respectively, are present within the leases, ensuring sustained rental growth into the future.
Ryan Milivojac, Manager | Investment Services at Colliers, said, “The property represents a rare chance to acquire a landmark Carlton asset that blends heritage charm with modern functionality. With a permit-approved fourth level and a strong tenant mix, 138–144 Elgin Street is perfectly positioned for future growth and value-add potential.”
Situated within the Commercial 1 Zone and surrounded by world-class amenity, 138–144 Elgin Street is a compelling proposition for investors seeking long-term growth in a tightly held market.
Michael Gross, Director at Gross Waddell ICR, added, “Carlton continues to be one of Melbourne’s most desirable city fringe precincts, offering unrivalled access to education, retail, hospitality, and public transport. The property’s proximity to the University of Melbourne, Scape and UniLodge student accommodation, and key tram and bus routes makes it an exceptional investment.” Page | 2
Colliers Ryan Milivojac and Matt Stagg are managing the sale together with Michael Grossand Andrew Greenway from Gross Waddell ICR with 138–144 Elgin Street, Carlton, offered for sale via Expressions of Interest, closing Thursday 20 November 2025 at 2pm (AEDT).
