Booming development across Melbourne’s key inner-north corridors has spilled over to Brunswick West, and has attracted investors and developers to a versatile high-profile site on the corner of Melville Road and Hope Street.

Fitzroys agents Chris James and Ervin Niyaz sold the 531sqm block at 82-86 Melville Road and 250 Hope Street to a local investor for $1.89 million, on behalf of a private owner.

The sale price reflected a tight 4.6% yield, with the property leased to Bottlemart Express.

James said the campaign generated more than 70 enquiries from mostly developers and land bankers who see long term potential in the site. Zoned Commercial 1, the site has a shop and rear dwelling building totaling 450sqm, and frontages to Melville Road, Hope Street and a right of way totaling 65 metres.

“Developers see value in Brunswick West due to the increased and ongoing development and the growing local population,” Niyaz said.

“The purchaser was particularly attracted to the corner block and value-add perspective, and liked the potential to carve up the shops into smaller tenancies and renovate the dwelling on Hope Street for the short-term.

According to population and demographics research house, .id, Brunswick West is in the middle of a population surge of 3.68% per annum that is well above greater Melbourne’s nation-leading rate.

James said the ongoing popularity of medium and high-density living across Melbourne’s inner-north has spilled across from Sydney Road and the Upfield train line through Brunswick.

“Residential developments recently completed and in various stages of planning and construction throughout Brunswick West are creating more demand for retail and services in the area, particularly along Melville Road, and the new owner of the property will look to capitalise on this,” he said.

“The property is situated amongst a vibrant neighbourhood precinct, notable lifestyle and retail tenants include Postmistress Eatery, Mister Troung’s, Foodworks and 7-Eleven, and is at the doorstep of the Route 58 tram stop, which offers services running through the hospital precinct and near Melbourne University and RMIT University and Queen Victoria Market through to the CBD.”