Northcote Aged Care Facility to be Sold

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.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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