Colliers Investment Services are pleased to present this investment opportunity in the heart of Melbourne’s north. 39 High Street, Preston is being offered For Sale by Public Auction on Wednesday 21st of August 2024 at 12:30pm AEST.

Featuring a Commercial 1 Zone landholding of 537sqm* with 14.25m* of frontage to High Street, the site is improved by a brick warehouse of approximately 485sqm* which includes a mezzanine of 75sqm*.

39 High Street has recently been leased to Bar Mexico – founded by the experienced hospitality personnel behind iconic Melbourne food park Grazeland – on a three (3) year deal with five (5) further options each of three (3) years. Rental income is $150,000 per annum (excluding outgoings and GST), with fixed 3% annual increases and market review at lease options.

The property sits adjacent to Preston’s comprehensive development precinct bounded by High Street, Plenty Road, and Bell Street. Tram services, notably the famous Route 86 tram, along High Street/Plenty Road are located just 120m* from the property, whilst train services are accessible from Thornbury and Bell stations – both within 600m* of the property.

Northland Shopping & Homemaker Centres both sit just 2.5km* from the property, whilst High Street – recently dubbed the “World’s Coolest Street” – provides a plethora of retail, hospitality and lifestyle options including iconic offerings such as Welcome to Thornbury and the Croxton.

- 537sqm* High Street landholding.
- 485sqm* newly refurbished building.
- Rental income of $150,000* per annum.
- New three (3) year lease to high profile hospitality operator.
- Commercial 1 zone affording future development upside (STCA).
- Thornbury & Bell train stations within 600m*.
- Route 86 tram 120m* from the property.