Last original block on Merewether's most expensive street heads to market
A 751-square-metre block of three original units on Lloyd Street, Merewether's priciest address, is being sold with strong developer interest.
The property at 5 Lloyd Street sits among luxury mansions and holds ocean views. The property is one of the last original builds on the street, which has seen cottages replaced by high-end homes.
The Melbourne owner bought it a decade ago intending a knockdown rebuild but changed plans. The block of three one-bedroom units currently generates about $1,475 weekly in rent.
Developers can build a new home, luxury duplexes, or apartments with council consent under the 8.5-metre height limit. Recent comparable sales include a 556-square-metre nearby block at $3.15 million and a 700-square-metre parcel at $4 million.
- 751 square metres
- Block size
- 1,475 dollars
- Current weekly rent
- 556 square metres at 3.15 million
- Comparable sale 1
- 700 square metres at 4 million
- Comparable sale 2
Why it mattersThe sale price will signal what developers will pay for large land parcels in premium beachside areas, affecting future property values and development patterns.
AustraliaThe sale reflects ongoing gentrification pressure in Newcastle's premium suburbs and rising land values as original character homes give way to luxury redevelopment.
