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378 High St 6,071 SF 100% Leased Retail Building Preston, VIC 3072 $2,233,395 ($367.89/SF) 4.62% Cap Rate
Investment Highlights
- Historic 1912 former fire station featuring architectural character and heritage appeal.
- wo titles available individually or together, with future development potential (STCA).
- Prime retail location with proximity to Preston Market, public transport, and major arterials.
- High-exposure corner site with visibility along High Street and Roseberry Avenue.
- Fully leased first-floor office delivering income stability and immediate returns.
- High pedestrian traffic and excellent connectivity to Melbourne CBD and northern suburbs.
Executive Summary
An exceptional opportunity to acquire an iconic piece of Melbourne's history with this 1912 heritage building, formerly a fire station, located on the prominent corner of High Street and Roseberry Avenue in Preston. Featuring two separate freehold titles, the property offers flexibility for individual or combined purchase.
The building spans three levels and includes a vacant ground-floor hospitality space of roughly 220 sqm, perfect for a café, restaurant, or bar. The first floor is fully leased to an accounting office, generating strong holding income. Future upside includes the potential for airspace development or rooftop activation (STCA).
Its commanding street presence and exposure to significant passing trade make it an attractive investment amid Preston's rapid urban renewal and excellent connectivity to transport options, including trams, trains, and major roadways. Proximity to Preston Market adds to its appeal for patrons and businesses alike.
The building spans three levels and includes a vacant ground-floor hospitality space of roughly 220 sqm, perfect for a café, restaurant, or bar. The first floor is fully leased to an accounting office, generating strong holding income. Future upside includes the potential for airspace development or rooftop activation (STCA).
Its commanding street presence and exposure to significant passing trade make it an attractive investment amid Preston's rapid urban renewal and excellent connectivity to transport options, including trams, trains, and major roadways. Proximity to Preston Market adds to its appeal for patrons and businesses alike.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
6,071 SF
Building Class
C
Price
$2,233,395
Price Per SF
$367.89
Cap Rate
4.62%
NOI
$103,215
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.38
Lot Size
0.10 AC
Frontage
1 1
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378 High St
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