114 Peel St & 13-15 Princess St 2 Industrial Properties Offered at $5,405,442 CAD in North Melbourne

An exceptional freehold development opportunity is positioned on the cusp of Melbourne’s CBD at 13 Princess Street and 114 Peel Street, North Melbourne. Zoned CCZ5, this site commands a rare dual frontage to Princess Street and Peel Street, offering unmatched flexibility for future development. The land spans approximately 534 m² and benefits from immediate proximity to Queen Victoria Market—set for a $1.7 billion redevelopment—ensuring long-term value through increased density and vibrancy in the precinct.
The property currently features a single-level brick warehouse with secured parking and substantial infrastructure, previously utilized as a commercial kitchen. The building includes walk-in freezers, cool rooms, cooking and boiler facilities, and storage areas. Structurally sound with a recently renewed roof, it offers an option for refurbishment or conversion to a clear-span warehouse, while the site’s zoning accommodates high-density residential or commercial development, subject to council approval.
Positioned within walking distance to Melbourne’s medical and education hubs, including major hospitals and top universities, and serviced by tram stops at the doorstep, this property offers excellent connectivity and exposure. Investors will recognize its untapped potential in one of Melbourne's most dynamic growth corridors.