Developer lists sprawling inner-city shopping centre
Adio Property director Michael Bonadio has listed a prominent shopping centre with significant development upside about six kilometres from town.
Northcote Central at the north-east corner of High and Separation streets, beside Northcote Plaza, occupies a gateway position to the suburb’s commercial precinct.
It spans 9210 square metres – 790 sqm shy of a hectare – zoned Commercial 1.
The 6657 sqm complex is anchored by Aldi, with The Reject Shop, Commonwealth Bank and more than 30 specialty stores.
There are also 220 basement car parks.
Colliers’ Tim McIntosh, Robert Papaleo and John Marasco are the agents.
The site is opposite Northcote Plaza, part of which Time & Place plans to replace with a residential based mixed-use project.
Approved in 2022, with four buildings, the tallest, 18 levels, its end value is c$500 million.
Development upside
Northcote Central replaced the former Carter’s Arms Hotel in 1989.
In 2020, a plan was unveiled for a six-level office as part of a revamp (continues below).
An incoming owner could apply for something taller than that; within Precinct A2 of the Northcote Major Activity Centre, the Design and Development Overlay encourages higher-density projects combining commercial uses with upper-level housing.
The property is also identified in Darebin City Council’s Housing Strategy as a Substantial Change Area, recognising its capacity to accommodate increased residential density.
Its Category 4 public transport accessibility rating means no minimum statutory car parking requirement applies under current planning controls.
Mr McIntosh said metropolitan neighbourhood shopping centres were increasingly being assessed for their long-term development potential rather than solely their retail income.
“Northcote Central offers exactly that,” he said.
“It combines a proven retail centre with a large-scale site in one of Melbourne’s most desirable inner-city locations, creating flexibility to retain an active retail centre while pursuing future mixed-use outcomes,” according to the executive.
Mr Papaleo added well-connected metropolitan sites would play an increasingly important role in accommodating Melbourne’s future housing growth.
“Northcote Central provides scope to accommodate additional housing within a highly desired inner northside community with redevelopment supported by planning settings that encourage increased density to take advantage of convenient access to existing amenities, services and employment,” he said.
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