The inerter emerged as a mechanical analogy to the electrical capacitor, completing the force-current analogy. It operates as a one-port, two terminal device, where the equal and opposite forces at its terminals correlate with the relative acceleration between them. This relationship is governed by ‘inertance’, a quantity that bears the unit of mass, allowing inerters to exert inertial forces. Inerters have gained considerable traction, particularly in vibration control applications. Derived from their passive counterparts, variable inertance inerters enable active control of their inertance through integrated control mechanisms. This work presents the design, modelling and evaluation of a variable inertance inerter prototype dubbed the ‘Variable Inertance Bypass Fluid Inerter’ (VIBFI). An experimental prototype of the concept was designed, constructed and tested. Simultaneously, an effort to develop and validate a mathematical model of the VIBFI is thoroughly documented. Experimental results demonstrate the controllability of performance parameters of the device, including inertance and damping coefficients, through modulating the flow restriction of the bypass channel. The mathematical models derived for the device can serve as an estimate for its performance parameters, though further refinement is required.