151 Westgarth Street
Northcote, VIC 3070

This outstanding standalone medical freehold property is offered for sale via mortgagee auction, situated in the highly sought-after Westgarth precinct of Northcote. The property occupies a land area of approximately 505 square meters and includes on-site car parking facilities, providing convenience for tenants and visitors alike.

The site benefits from General Residential Zone (GRZ) zoning, which supports potential future residential conversion, subject to council approval (STCA). This zoning flexibility adds significant value and opportunity for redevelopment or alternative use in the future.

Northcote is a vibrant suburb with a strong median house price of $1,730,000, reflecting excellent historical growth and demand in the area. The property itself features a purpose-built medical fit-out, including multiple consulting rooms, reception, and waiting areas, making it ideal for medical or allied health practitioners.

Positioned in a high-exposure location opposite Bill Lawry Oval, the property is also conveniently close to the retail strips of High Street Northcote and Station Street Fairfield, enhancing accessibility and visibility. The strategic inner-north location is well-served by public transport and surrounded by lifestyle amenities and thriving local businesses, contributing to its appeal.

The current lease is a renewed three-year agreement, generating an annual rental income of $71,000. The tenant is an established psychology practice with multiple locations across metropolitan Melbourne, providing a stable and reliable income stream. The lease includes landlord-favored fixed annual increases of 5%, ensuring rental growth over the term.

There is strong tenancy demand for medical and commercial properties within the Northcote precinct, making this an attractive investment opportunity for buyers seeking a secure income and potential for future capital growth.

Overall, this property offers a rare chance to acquire a well-located, income-producing medical freehold with redevelopment potential in one of Melbourne's most dynamic inner-north suburbs.