356-362 Murray Road, Preston, VIC 3072

Exceptional opportunity in a Priority Development Zone

GrayJohnson is pleased to offer for sale this large residential development site enjoying an ideal location in one of Melbourne’s in-demand northern suburbs. Preston is experiencing transformational growth, with apartment-style developments to cater for a population expected to grow from around 38,200 in 2023 to 63,738 by 2041.#

Already cleared and ready for construction, the site is favourably positioned in a Priority Development Zone, with the Preston Station just 80 metres* away. The high-profile location on the corner Spring Street provides excellent access to major arterials and is minutes from major supermarkets, the Preston Market and the shopping strip in High Street.

Darebin Council has identified the property as a key redevelopment site suited to a landmark residential building. Consequently, it has potential for new development to exceed the current preferred height limit of 7 storeys for this planning envelope (subject to planning approval). This is your opportunity to contribute to the evolution of Melbourne’s increasingly vibrant north.

The opportunity:

• Large corner development site of 2873sqm*

• Price drastically reduced

• Favourable Priority Development Zone

• Identified by Council as suited to a landmark building

• Expansive frontage of 90m* to Murray Road

• Short term income $120,000 pa + GST

• Potential city views

The location:

• Prime corner position 9km* from Melbourne CBD

• 80m* (1-minute walk) to Preston Station

• Short walk to Woolworths and Aldi supermarkets and Preston Market

• Easy access to key arterials: St Georges Road/Spring Street, High Street, Bell Street.

• Nearly 20 schools within a 10-minute drive

• Cosmopolitan shopping and eateries in nearby High Street

• 12-minute drive* to Northland Shopping Centre

#idCommunity

*approx.

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