South Melbourne beauty the latest Emerald Hill offering

The shop and dwelling at 336 Clarendon St and 49 Emerald Hill Place in South Melbourne.

A shop and residence in South Melbourne’s Emerald Hill Estate is the latest in the heritage-listed precinct to hit the market, with expectations it, too, will fetch millions.

The property at 336 Clarendon St and 49 Emerald Hill Place is one of 15 two-storey shops and dwellings that were bought together three years ago, before being subdivided into 15 separate properties.

Some of the properties, built in 1887, have been progressively sold off this year, with three sales totalling more than $10 million combined.

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And now 336 Clarendon St will join them, with an auction to be held on Thursday, October 25.

The ground level shop is leased to Red Cross Australia on a four-year deal with a four-year option, while the first floor is home to a three-bedroom residence with an outdoor terrace.

South Melbourne Emerald Hill 336 Clarendon St

The rear and upper level of the property features a three-bedroom residence.

The tenancies pull in almost $126,000 per annum combined. Zoned as Commercial 1, the property could suit owner occupiers, as well as having development potential.

Fitzroys agent James Lockwood and David Bourke are marketing the property, with Lockwood saying

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

“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.”

The property is close to South Melbourne Market, Albert Park and the Melbourne Sports and Aquatic Centre, as well as public transport.