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Investment Highlights

  • Located within the Queen Victoria Market precinct and steps from Errol Street.
  • Excellent connectivity via Victoria Street tram, North Melbourne Station, and the upcoming Parkville Metro Tunnel.
  • Dual street frontages and favorable Mixed Use zoning with future development potential (STCA).

Executive Summary

This rare freehold opportunity in the heart of North Melbourne offers a versatile two-level building combining ground-floor retail and a first-floor two-bedroom residence. Positioned within the iconic Queen Victoria Market precinct, the property benefits from dual street frontages and a highly accessible location just steps from Errol Street and major transport links.
The building spans approximately 190 m² across two levels on a 95 m² land parcel, providing a flexible layout for investors or owner-occupiers. Zoned Mixed Use, the property allows for future value-add potential (STCA) and is offered with a short-term lease in place. The surrounding area is a vibrant mix of retail, dining, and residential developments, supported by strong pedestrian traffic and proximity to Melbourne CBD, Royal Melbourne Hospital, and the University of Melbourne.
With the upcoming Parkville Metro Tunnel Station within 1 km and immediate access to tram services, this property is ideally positioned for long-term growth and connectivity. Expressions of Interest close Friday, 29 May 2026 at 11:00 am.

Property Facts

Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
2,045 SF
Building Class
C
Percent Leased
Vacant
Tenancy
Multiple
Building Height
2 Stories
Building FAR
2.00
Lot Size
0.02 AC

Space Availability

  • Space
  • Size
  • Space Use
  • Position
  • Available
  • Ground
  • 904 SF
  • Retail
  • -
  • Now

The building spans approximately 190 m² across two levels on a 95 m² land parcel, providing a flexible layout for investors or owner-occupiers. Zoned Mixed Use, the property allows for future value-add potential (STCA) and is offered with a short-term lease in place. The surrounding area is a vibrant mix of retail, dining, and residential developments, supported by strong pedestrian traffic and proximity to Melbourne CBD, Royal Melbourne Hospital, and the University of Melbourne.

Space Size Space Use Position Available
Ground 904 SF Retail - Now

Ground

Size
904 SF
Space Use
Retail
Position
-
Available
Now

Ground

Size 904 SF
Space Use Retail
Position -
Available Now

The building spans approximately 190 m² across two levels on a 95 m² land parcel, providing a flexible layout for investors or owner-occupiers. Zoned Mixed Use, the property allows for future value-add potential (STCA) and is offered with a short-term lease in place. The surrounding area is a vibrant mix of retail, dining, and residential developments, supported by strong pedestrian traffic and proximity to Melbourne CBD, Royal Melbourne Hospital, and the University of Melbourne.

Nearby Major Retailers

Starbucks
Five Guys
Anytime Fitness
Crossfit
The Northern Trust Company
  • Listing ID: 40433168

  • Date on Market: 2026-05-07

  • Last Updated:

  • Address: 324 Victoria St, North Melbourne, VIC 3051

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