The hilltop site, zoned Residential 1, lends itself to apartments as it captures unobstructed, elevated city views.
Earlier this year, Northcote, with Maribyrnong in the north-west, topped a gentrification survey prepared by not-for-profit group Australian Housing and Urban Research Institute.
Residents in both suburbs earned less than the metropolitan average until 1996, according to the January report, Gentrification and Displacement: The Household Impacts of Neighbourhood Change.
Elsewhere in the north, recently, the Roman Catholic Trust for the Diocese of Melbourne reaped a little over $9 million selling to residential developers the former St Joseph’s Technical School at 73 – 103 Nicholson Street in Abbotsford which it had owned since 1893.
One of the biggest recent sales by a church group occurred in December 2009, when the Sisters of Nazareth sold a disused portion of land behind the Nazareth House aged care complex in Cornell Street, Camberwell. Perth-based developer Cedar Woods paid $22.5 million for the site it has just recently started marketing as townhouses.