IN a “glut” of modern city apartments, heritage buildings are holding their own.
With only 10-15 boutique heritage towers in Melbourne’s CBD, listings attract strong interest while owners are reluctant to sell.
Michael Munson and his family have lived at the 1939-built Excelsior building at 390 Little Collins St — designed by Cedric H Ballantyne, who also designed the Regent Theatre — for eight years.
One of only 41 apartments across nine levels, with 65sq m of space, their one-bedroom apartment at No. 301 is as large as a two-bedroom residence.
It features hardwood floors, high ceilings, a small mezzanine loft and a leafy outlook from a curved balcony.
The apartment will be auctioned on July 28 with price hopes of $575,000-$620,000.
Mr Munson said he was only moving from No. 301 as he and his partner needed a larger apartment for their four-year-old son.
“We’re opposite one of the last one open spaces in the city, which gives the apartment a beautiful open light,” he said.
“And there’s something nice about the older windows and high ceilings.
“They don’t build places like this anymore.”
Harcourts Melbourne City director Dionne Wilson, who is marketing No. 301, said interest in CBD heritage listings were on the rise.
“People love the beauty and charm of heritage buildings and owners of heritage apartments know and appreciate their value,” she said.
“Demand is high and supply is low, and tenants are also prepared to pay more to live in these buildings.”
According to Ms Wilson, Excelsior was well known among heritage shoppers and there had been plenty of interest in No. 301.
“The building’s facade is protected under a heritage classification, but people can renovate or refurbish inside,” she said.
“No. 301 feels like a home, thanks to the nature of the property and its eclectic style.”