A premier double-storey building in South Melbourne’s Emerald Hill Estate is going to auction, the latest investment offering from Podco and Terraplex in the historic precinct.

Fitzroys agents James Lockwood and David Bourke are marketing 336 Clarendon Street and 49 Emerald Hill Place, which will be auctioned on Thursday, 25 October at 1pm.

The prominent shop and dwelling is fully leased to two tenants, including Australian Red Cross on the ground level on a 4 x 4-year deal, plus a three bedroom residence with outdoor terrace on the first floor, for a total annual income of $125,888 per annum.

It covers 207sqm within the historic Emerald Hill Estate site, which retains many of the brick municipal buildings constructed in 1887. The Victorian Heritage Register says, “The commercial buildings in particular collectively represent an extraordinary example of an 1880s shopping precinct with a high degree of intactness unmatched in extent anywhere else in Victoria”.

The majority of the buildings on the site were acquired by the State Government in the 1970s. Podco and Terraplex picked up the broader Emerald Hill Terrace property in 2015 and subdivided the site into 15 separately-titled offerings.

“This Emerald Hill offering provides investors with the opportunity to make a piece of Victorian history their own,” Lockwood said.

Zoned Commercial 1, the property also offers future owner occupier and further development potential.

The property is located close to the iconic South Melbourne Market, Albert Park, and the Melbourne Sports and Aquatic Centre, and is close to numerous tram and rail options.

“Melburnians continue to to embrace inner-city living in medium and high-density dwellings that are well-connected by public transport options and lifestyle offerings,” Lockwood said.

“More than 1,800 residential apartments and 90,000 sqm of office space are expected to be brought to the area in the coming years.”