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