752 Pascoe Vale Rd 9,311 SF Industrial Building Glenroy, VIC 3046 For Sale 5% Cap Rate

Lemon Baxter is pleased to present 752 Pascoe Vale Road, Glenroy for sale via Expressions of Interest, offering a rare opportunity to secure a substantial 1,751 sqm landholding* in Melbourne’s tightly held northern corridor.
Comprising four adjoining lots with dual access from Pascoe Vale Road and a rear laneway, the property provides exceptional scale, exposure, and flexibility. The site is currently improved by an 865 sqm solid brick former telephone exchange* and is offered with secure holding income via a Telstra leaseback (3 years plus 12-month option), returning 5% of the final sale price on a triple net basis, with fixed annual increases of 3%. A 99-year peppercorn lease applies to a 3.5m x 3.5m corner section only, leaving the overwhelming majority of the land available for future use.
Zoned General Residential Zone Schedule 1 (GRZ1), the property is ideally suited for medium-density residential development (STCA), with feasibility for 24 two-bedroom apartments or 12 two-bedroom townhouses.
Located approximately 13 km north of Melbourne CBD, the property benefits from excellent connectivity via Pascoe Vale Road, CityLink, Tullamarine Freeway, and Melbourne Airport, as well as proximity to Glenroy Station, providing direct rail access to the CBD. The surrounding area is supported by strong retail amenity, schools, parklands, and ongoing townhouse and apartment development, reinforcing its long-term growth potential.
This is an outstanding opportunity to invest, landbank, or develop in a high-demand residential precinct with secure income and clear future upside.