A significant landholding in Melbourne's inner north is available for sale.

Comprising 1,050 square metres, 340-342 High Street, Northcote has two expansive street frontages (High Street and Balgonie Place) and comes with the added benefit of a planning permit for 23 apartments and four commercial spaces (1 café and 3 unique office suites).

The expected price will be in the vicinity of $5.0 million + GST.

At a glance:

• A prominent development site at 340-342 High Street, Northcote is available for sale through Rory White, Matt Hoath and Brett Simpson from Gray Johnson.
• Comprising 1,050 square metres, 340-342 High Street, Northcote has two expansive street frontages (High Street and Balgonie Place) and comes with the added benefit of a planning permit for 23 apartments and four commercial spaces (1 café and 3 unique office suites).
• The property is to be sold via an Expression of Interest campaign closing Thursday 27 August at 2pm.

Gray Johnson's Matt Hoath, who has been appointed to sell the site with Rory White and Brett Simpson, said there had been significant interest from sophisticated developers in the inner northern suburbs for projects of 10 – 40 apartments; more particularly, for well-located sites which can be targeted to the owner-occupier market.

"We are forecasting a reduced pipeline of apartments coming onto the market in the next 6-12 months as a result of the effect of the pandemic on the economy," he said.

Source: Gray Johnson.

"Therefore it is an opportune time to secure quality development sites, more particularly in the popular inner north."

The property is positioned in the prime section of High Street, surrounded by hip bars, cafes, restaurants and specialty retail.

It is also minutes to Northcote Plaza and Northcote train station (only 300 metres away).

Gray Johnson recently sold a fully permitted development site in 43-47 Simpson Street Northcote for in excess of $3.3 million.

Mr Hoath said this demonstrated the area's capability to defy the trend and continue to outperform the wider market. 

"During the pandemic, the stock levels for B and C grade development sites continue to grow, with very little genuine demand," he said.

"However, A-grade development stock sells in any market, particularly right now."

The property is to be sold via an Expression of Interest campaign closing Thursday 27 August at 2pm.

Click here to view the IM for the property.

For more information, email or phone Matt Hoath, Rory White or Brett Simpson.

Similar to this:

Brunswick West office/showroom for sale - Gray Johnson

Office space leased in revamped Broadmeadows Town Hall - Gray Johnson

Mentone commercial freehold property sold for circa $2.1 million through Gray Johnson