A securely leased medical property in one of Melbourne’s most dynamic northern suburbs is set to test buyer appetite as 326 High Street, Preston heads to public auction.
Located opposite the Preston Market and just 350 metres from the recently upgraded Preston Station, the property is home to Preston Smile, a long-standing dental clinic with a strong local reputation and positive online reviews.
With an annual rental income of $120,789 plus outgoings and GST and fixed 3% annual rent increases built into the lease, the current agreement runs to 2028, with two further five-year options extending to 2038.
The property is for sale through Cushman & Wakefield’s Raphael Favas and Valerie Tang and Elever Property Group’s Michael Tattos who expect interest from investors seeking stable income in the healthcare sector, which continues to perform strongly despite broader commercial property headwinds.
“Healthcare tenancies have proven their resilience across economic cycles,” said Raphael Favas of Cushman & Wakefield. “This property offers that stability, combined with strong rental growth and a location that benefits from ongoing infrastructure investment.”
The 205sqm* property features a purpose-built medical fit-out with eight consulting rooms, a reception area, and office space. According to agents, the quality of the fit-out reflects a broader trend of medical operators investing heavily in long-term locations, reducing the likelihood of tenant turnover.
Positioned within one of Preston’s busiest retail precincts, the property also enjoys significant exposure to daily traffic along High Street — estimated at more than 18,000 vehicles — and is surrounded by national retailers such as Woolworths, Aldi, and Chemist Warehouse.
“There’s been renewed interest in suburban retail strips with strong foot traffic and essential services,” said Michael Tattos of Elever Property Group. “Preston fits that profile well, and the medical use adds another layer of security.”
The property is being marketed by Cushman & Wakefield and Elever Property Group, with the auction scheduled for Thursday, 29 May at 12:30pm on-site.
*Approx.
