490 High Street, Preston, VIC 3072 | Property Value & History | OnTheHouse
 
OFF MARKET

490 High Street
Preston VIC 3072

Bedrooms: -
Bathrooms: -
Car spaces: 2
Floor area: 120m2
Land area: 176m2
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Property Details for 490 High St, Preston

Building Type
Commercial
Floor Size
120m2
Land Size
176m2
Local Government
Darebin
Lot/Plan
1/TP252742

Last Listing description (July 2024)

Hockingstuart Preston is pleased to offer this exceptionally positioned High Street property for sale. provides flexible options for small business owners, savvy investors, owner occupiers or developers to secure their spot in one of Melbourne's most popular inner-northern communities.

The space is the ideal investment for buyers or business owners thinking outside the square to make use of the commercial shop front, kitchenette, bathroom and additional two rooms which can be used as an existing residence/consulting rooms/medical center or even converted into a dual occupancy commercial and residential space which can be leased separately for dual income.

With approved plans and permits already completed (STCA) and onsite parking for two cars via rear lane access, this property offers endless possibilities for the astute investor.

Key Features:

Commercial Shop Front: A prominent High Street frontage with an approx. floor area of 41m2

Flexible Layout: Embrace endless possibilities with a kitchenette, bathroom facilities, and two spacious rooms. Create consulting rooms, a corporate office, a medical center, or transform the space into a dual occupancy commercial and residential haven (STCA).

Rear Lane Access: Enjoy convenient access and onsite parking for two cars, maximizing convenience for you and your visitors.

Investment Potential: Projected annual rental income of approximately $30,000 per Annum plus outgoings, ensuring a steady return on your investment.

Strategic Location: Nestled in the heart of the bustling High Street retail precinct, you'll be surrounded by an array of retail amenities and excellent transport options.

Development Potential: Capitalize on the Priority Development Zone (PDZ2) - Schedule 2 designation, providing exciting future development possibilities (STCA).

Existing Plans: Benefit from approved planning permits and concept drawings that pave the way for a combined commercial and residential space, allowing for dual leasing income.

Contact Our Expert Team: Sales Agents: Joe Ledda: 0418 176 858 or Josie Galati: 0431 621 614

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Property History for 490 High St, Preston, VIC 3072

A timeline of how this property has performed in the market
Last Transferred
26 Apr 2007
  • 14 Aug 2023
    Listed for Sale $800,000 - $850,000
  • 26 Apr 2007
    Transferred
  • 01 Dec 1985
    Sold for $60,100
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About Preston 3072

The size of Preston is approximately 11.5 square kilometres. It has 30 parks covering nearly 4.7% of total area. The population of Preston in 2016 was 32851 people. By 2021 the population was 33790 showing a population growth of 2.9% in the area during that time. The predominant age group in Preston is 30-39 years. Households in Preston are primarily couples with children and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Preston work in a professional occupation.In 2021, 57.30% of the homes in Preston were owner-occupied compared with 56.70% in 2016.

Preston has 21,610 properties. Over the last 5 years, Houses in Preston have seen a 16.08% increase in median value, while Units have seen a 10.01% increase. As at 28 February 2026:

  • The median value for Houses in Preston is $1,251,239 while the median value for Units is $636,892.
  • Houses have a median rent of $650 while Units have a median rent of $550.
There are currently 62 properties listed for sale, and 47 properties listed for rent in Preston on OnTheHouse. According to Cotality's data, 966 properties were sold in the past 12 months in Preston.

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© Copyright 2026. RP Data Pty Ltd trading as Cotality (Cotality). All rights reserved. No reproduction, distribution, or transmission of the copyrighted materials is permitted. The information is deemed reliable but not guaranteed.

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