A tightly held North Melbourne freehold has been snapped up by an interstate buyer for $1.25 million after nearly five decades in the same family, marking a significant moment for one of Melbourne’s most coveted city fringe precincts.
The property at 470 Victoria Street, comprising a shop and dwelling, drew strong interest from both investors and owner-occupiers, ultimately selling to an interstate buyer from South Australia.
Opportunities to secure real estate in North Melbourne are increasingly rare, with the suburb long regarded as one of the city’s most tightly held and resilient fringe markets. The sale of 470 Victoria Street reflects a broader trend of renewed confidence in Melbourne’s commercial property sector, particularly among buyers seeking flexibility, strong fundamentals and long-term growth potential.
The property’s appeal lay in its versatility and location, offering a blend of retail and residential use in a strip that continues to attract attention for its proximity to the CBD, transport links and established amenity.
Sold through Cushman & Wakefield, the campaign generated more than 150 enquiries and 65 inspections, underscoring the depth of demand for character-rich mixed-use assets in Melbourne’s inner north.
“This campaign highlights the continued depth of demand from both investors and owner-occupiers seeking quality, character-rich city fringe assets,” said Valerie Tang, who handled the sale alongside Anthony Kirwan of Cushman & Wakefield.
Mr Kirwan added “The level of enquiry and competition we saw reinforces the market’s strong confidence and appetite for Melbourne’s city fringe strip retail and shop-dwelling assets. Buyers are seeking properties with solid fundamentals, flexibility, and long-term growth potential, and this sale is a prime example of that.”
The result is a win for the vendor family, who held the property for 48 years, and a signal that Melbourne’s city fringe market remains a magnet for capital, local and interstate alike.
