Development site of nearly once acre in Preston for sale

Development site of nearly once acre in Preston for sale
Development site of nearly once acre in Preston for sale

A substantial land holding with redevelopment potential (STCA) at Preston in Melbourne’ s inner north has hit the market.

The property, which is being offered for the first time in 35 years, will be sold by expressions of interest.

Located within close proximity of Northland, the 106 Bell Street is nine kilometres from the Melbourne CBD.

The property comprises a number of buildings/ sheds/warehouses of basic construction covering about 1000 square metres while the remainder of the land is sealed and utilised as hardstand. 

The near one acre, 3890 square metre site is zoned Industrial 3 and has seven metres frontage to Bell Street

The broad purpose of Industrial 3 zoning is to provide for industries and associated uses, to provide a buffer between the Industrial 1 Zone or Industrial 2 Zone and local communities, and to allow limited retail opportunities.  

According to marketing agents, Teska Carson’s George Takis and Adrian Boutsakis the property would suit an industrial park redevelopment or an owner-occupier yard.  

"The fact that the area has attracted the likes of Mazda, NAB, Office Works, Total Tools and Harvey Norman really underscores the significance of this location and the opportunity that the sale presents," Takis said. 

The property will be sold subject to a short term lease at a rental of $120,000 per annum gross. 

"As an inner suburb within close proximity of the CBD Preston has and continues to benefit from new development, population growth and gentrification, providing owner-occupiers, investors and developers with excellent growth," Boutsakis said.

"Key drivers have included an excellent level of amenities, an extremely popular market, Northland Shopping Centre, trains, trams, and schools and relatively affordable housing."

He said Bell Street provided easy access to several key arterials including Albert Street, Murray Road, Plenty Road, Chifley Drive and the Eastern Freeway. 

Boutsakis said the property’s key attributes included:

  • Industrial 3 zoning;
  • Large 3890 square metre site;
  • Prime Bell Street location;
  • Access to all amenities;
  • Main street frontage and exposure; 
  • Short term holding income; and,
  • Close proximity to the CBD.

The expressions of interest campaign for the property closes on December 9.

Tags: 
Landholding Preston

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