A PROMINENT corner site in the Melbourne suburb of Preston has been placed on the market for around $3.5m by Ralph D’Silva Motor Group.

The 1293 square metre triple-fronted site in High Street has been used as storage but the selling agents Colliers said it was now surplus to the owner’s needs.

In seeking buyers, Collier agents Philip Heberling and Ervin Niyaz said the site was a “rare development opportunity in one of Melbourne’s fastest-growing inner northern suburbs” that would have “potential future uses including retail, hospitality, healthcare and mixed-use development (STCA)”.

L to R Collier agents Philip Heberling and Ervin Niyaz 

The property has a 35m frontage to High Street and prominent corner exposure which the agents said provided “a rare opportunity to establish a significant presence within one of Melbourne’s busiest commercial corridors”.

The site at 572-582 High Street, at the corner of Wurruk Avenue, is claimed to have more than 18,000 vehicles passing daily. It is 450m from Regent Station and about 9km north of the Melbourne CBD.

Agents said that the property offered flexibility for investors, owner-occupiers, and developers seeking to occupy, reposition, or unlock future development potential.

They said that the property was surrounded by established retail, hospitality, schools, medical facilities, and childcare services in one of Melbourne’s fastest-growing inner northern suburbs.

“This is an exceptionally well-positioned corner holding that offers immediate functionality alongside long-term flexibility,” said Mr Niyaz.“Whether buyers are looking to occupy, invest or reposition the asset over time, opportunities of this scale and prominence within Preston’s activity centre are increasingly difficult to secure.”

He said Preston benefitted from significant population growth, residential densification, and urban renewal, with the suburb evolving into one of Melbourne’s most sought-after inner northern locations.

“Demand for well-located development sites across Melbourne’s established middle-ring suburbs remains strong, particularly where planning controls support a broad range of commercial and mixed-use outcomes,” he added.

“This property combines excellent connectivity, strong surrounding amenity and planning flexibility, making it an attractive proposition for developers looking to capitalise on Preston’s continued growth.”The family-operated Ralph D’Silva Motor Group is down the road from the listed site.

The group has franchises including Nissan, Mitsubishi, Hyundai, Geely, Suzuki, GWM, and GMSV.