Stonebridge Property Group is pleased to present for sale High Street Preston Super Site.
The 5,600 sqm* Priority Development Zone landholding offers a significant development opportunity and benefits from 270 m* of triple street and laneway frontage. This includes 82 m* to the major arterial, High Street, which was identified as a priority activity zone in Victoria’s Housing Statement. High Street was notably voted as the coolest street in the world by Time Out London (Mar 2024).
The property is positioned in immediate proximity to ample amenities, including Preston Market (450 m*), Woolworths Preston (260 m*), and Preston Train Station (550 m*).
The key highlights of the opportunity include:
- Remarkable 5,600 sqm* corner landholding with massive triple street and laneway frontage totalling 270 m*, including 82 m* to the major arterial, High Street
- Multiple development and investment outcomes available (develop, landbank, refurbish, owner occupy)
- Nearby major retail amenities include Woolworths Preston (260 m*), Chemist Warehouse (325 m*) and High Street retail strip (350 m*), and in close proximity to lifestyle amenities including Preston Market (450 m*) and Preston City Oval (645 m*)
- The recently rebuilt Preston Train Station (550 m*), Regent Train Station (675 m*) and Route 552 & 553 High Street bus services on the doorstep of the property provide direct Melbourne CBD access (8.75 km*). Additionally, the St Georges bike path (300 m*) is a popular means of transportation for cyclists and pedestrians to and from inner-north Melbourne suburbs
- Surrounded by successful development projects with major developers acquiring parcels in the precinct
- Multiple freeholds totalling 3,295 sqm* of lettable area, generating income of $392,397* + GST per annum with short term leases and landlord favoured early termination options
- High Street, Preston is specifically referenced within Victoria’s Housing Statement indicating the government’s preference to increase density in the precinct^
- Discretionary development controls in forthcoming Build Form Framework (2024) and Priority Development Zone allows for flexible end uses including residential, commercial, affordable housing, and student accommodation (STPA)
- Preston median house price is $1,180,000, 25.8% higher than Metro Melbourne and has grown at a 7.52% compounded annual growth rate over the past 4 years^^
To obtain further information or to arrange an inspection, please contact the exclusive selling agents.
* Approximately
^ Source: Victoria’s Housing Statement – The decade ahead | 2024-2034
^^ Source: REIV
^^^ Time Out London
In conjunction with Ryder Commercial
