The site is between the St Georges Road retail strip and Croxton train station, and includes one heritage protected building.
Sources say based on local land values of about $1000 per square metre, the site should fetch about $13.5 million.
DTZ selling agent Patrick O’Callaghan, who is marketing the Northcote site with Richard O’Callaghan declined to speculate on an eventual sale price, when contacted by Capital Gain.
But he did say that under the Design and Development Overlay proposed for the site, building heights of up to 14 metres are permitted.
Elsewhere in the area, the former Northcote Bowl site on the corner of Victoria Road and Separation Street, is set to make way for apartments.
In High Street, Northcote’s former Bingo Centre is also being redeveloped into a $25 million apartment complex with ground floor shops.
A high rise tower is under construction abutting the All Nations Pak and Northcote Shopping Centre, while the Northcote Pottery site, which is actually in Thornbury, is also being converted into apartments after the business relocated to Thomastown in 2007, and after more than a century near the intersection of Victoria Road, Clyde and Clarendon streets.