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496-516 High Street

5,600sqm approx. | Enquire Now


  • Significant 5,600 sqm* Landholding
  • 270 m* of Street and Laneway Frontage

High Street Super Site represents a Significant High Street Preston Island Development Site Opportunity, with key features including;

• Significant 5,600 sqm* Landholding
• 270 m* of Street and Laneway Frontage
• Location Identified in Victorian State Government Housing Statement

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^^

The property is being offered for sale via Public Expressions of Interest closing Thursday 7th December 2023 at 2.00pm (AEDT).

*Denotes approximate.


Located in the Heart of Preston's bustling High Street Hub.

Listing ID:



5,600sqm approx.

Total Area:

5,600sqm approx.




Multi Tenanted

Terms of Sale:



Priority Development Zone