Stonebridge Property Group and Ryder Commercial are 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 recently identified as a priority activity zone in Victoria’s Housing Statement.
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
- 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)
- 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
- 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.
^Source: Victoria’s Housing Statement – The decade ahead | 2024-2034