115 Surrey Rd North, South Yarra, has been listed for sale with a $1.2m-$1.32m asking price – despite measuring fewer than 150 sq m.

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A modest South Yarra patch of dirt smaller than a movie theatre screen is expected to become one of Victoria’s next $1m-plus addresses.

The 149sq m listing at 115 Surrey Rd North measures just 6.1m wide, about the same distance as three queen-sized beds or half a metre bigger than a carpark, by 21.3m long.

It is just over a third of the size of a typical 363sq m block in Melbourne’s new housing estates, and smaller than the largest screens at conventional cinemas, which start at 22m wide and are typically much taller than 6m.

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But with indicative plans for a three-bedroom, double-storey home to be built there the bare block has been listed with a $1.2m-$1.32m asking price.

RT Edgar Toorak’s Jeremy Fox said he couldn’t recall ever selling a block of land in that pocket of South Yarra.

Mr Fox said the property had been a timber house that had been demolished as the prior owner had planned to build a new home — but passed away before being able to do so.

Aerial images show the street frontage is barely 1.5 cars wide.

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“I haven’t had a block of land in that area … but you’d spend two years in council trying to get a demo permit,” he said.

“So we have had a few calls on it and it will be interesting.”

The agency director said with the prospect of a long wait to demolish a home in the heavily heritage-protected area, those seeking scope to build a new address were likely to see value in a seven-figure purchase.

With a prime location and indicative plans calling for a rooftop deck and city views, the agent is confident it will attract buyers.

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Mr Fox estimated the proposed build, which includes parking for two cars from the home’s second frontage along a rear lane and a rooftop deck for city views, would cost about $1m more to build.

If sold near the top of its range and ultimately built on the property would be worth $15,570 a square metre, half again the area’s typical going rate for a home.

It goes to auction at 10am on June 29.

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