A tightly held mixed-use freehold on the edge of Melbourne’s CBD has hit the market for the first time in nearly half a century, as a private family owner moves to sell 470 Victoria Street, North Melbourne.
The two-level, 144 sqm* building presents a flexible investment or owner-occupier opportunity, comprising a ground floor commercial or retail space and a well-appointed four-bedroom, two-bathroom residence above.
With rear laneway access, the site offers valuable dual tenancy potential and rear car parking. It is zoned Commercial 1 (C1Z), allowing a wide variety of future uses including retail, hospitality, office or residential.
Anthony Kirwan of Cushman & Wakefield, who is managing the campaign alongside colleague Valerie Tang, said buyer interest has already been strong.
“We’re seeing solid engagement from a diverse mix of buyers - from local investors and small developers to owner-occupiers looking to take advantage of the site's location and zoning flexibility.”
Located on the doorstep of the Arden Urban Renewal Precinct, and just 100 metres from the vibrant Errol Street precinct and well-connected by tram and road networks, the property stands to benefit from long-term growth as the area transforms to accommodate 15,000 new residents and 34,000 jobs by 2051
Valerie Tang of Cushman & Wakefield said, “With short-term holding income, strong underlying land value, and significant upside, the offering is expected to draw widespread interest in Melbourne’s increasingly competitive city fringe market.”
470 Victoria Street, North Melbourne is being offered for sale via International Expressions of Interest, closing 19 June 2025 at 12:00pm (AEST).
*Approx.
