RCH lists Preston house with development upside

Medium density projects have replaced sites at nearby 70-72 and 74 St Georges Road.

A Preston home with development upside, bequeathed to the Royal Children’s Hospital, is for sale.

The Californian Bungalow could be refurbished and extended.

On 503 square metres, 82 St Georges Road is expected to trade for $750,000-$820,000.

The campaign is targeting renovation rescuers – with an original c110 sqm Californian Bungalow containing three bedrooms and a garage.

Given its main road location opposite a tram line and its General Residential 2 zoning, the property is also expected to attract medium density developers.

The listing comes seven months since the RCH sold an Albion warehouse-converted-reception centre, also donated to it, for $1.91m – about twice expectation.

Million dollar suburb

Teska Carson’s George Takis will auction 82 St Georges Rd next month.

“Preston is a highly sought after and rapidly developing suburb, only nine kilometres from Melbourne CBD, which has and continues to benefit from new development, population growth and gentrification, providing owner-occupiers, investors and developers with excellent growth potential,” the agent said (story continues below).

“Key drivers have included a first-rate level of amenities including…Northland Shopping Centre, trains, trams and schools,” he added.

The Preston Market, which was recently refurbished and has in recent years been the subject of a major redevelopment with apartments, is also in the vicinity.

Earlier this year, Metro Property Developments acquired a 1.82ha block at 22 Woods Street, in the suburb, with plans for a townhouse village – Preston Place.

Twelve months ago, social housing provider Unison outlaid $2m for a 573 sqm block on Bell St – not far from 82 St Georges Rd – for a six storey project.

Once a working class suburb, Preston’s median house price is now $1.17m – up from $580,000 a decade ago, according to REA Group.

Mr Takis also sold the Albion property for the hospital.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.