Gross Waddell ICR is pleased to introduce our new column – Hotspot Report.
A concise snapshot of key tenancy trends, retail gaps, demographics, rental figures, rates and tax changes, plus the factors driving each area’s success.
Location and Demographics
The suburb of Northcote is located between North Fitzroy and Thornbury, approximately 6 kilometres north of the GPO. As of 2024, the estimated population is 26,775, and the median house price is $1.6 million, well above the Melbourne median of $940,000.
High Street Overview
High Street has long been known as a vibrant shopping strip, with its core trading area running north from the town hall at Westbourne Street to Bent and McCutcheon Streets, a distance of approximately 1 kilometre. There are 188 shops in this precinct, not including Northcote Plaza, which opened in 1981 and features over 60 specialty stores.
Notable Landmarks and Architecture
Prominent buildings in the strip include the Northcote Theatre and Northcote Social Club. Architecturally, many shops date back to the late 19th century in Victorian style, complemented by a mix of mid-century structures and newer multi-level apartment developments.
Tenancy Mix
The tenancy mix is varied as follows:
Traditional retailers such as fruiterers and $2 shops are notably absent, as are fast food franchises, which are more commonly found at Northcote Plaza. This leaves High Street with an original and appealing mix of tenants.
Retail Breakdown
Hospitality venues – including bars, takeaways, cafés, and restaurants – make up 28.7% of the tenancy mix.
They are narrowly outnumbered by clothing and general merchandise stores (30.32%), including jewellers, bookstores, and second-hand shops.
This is a strip that invites visitors to stop and browse throughout the day and well into the evening, with 34 different bars and restaurants operating after hours.
Vacancy and Leasing Activity
Vacancy across the strip sits at a modest 5.3%, with two additional properties currently marked for development.
Available shop sizes range from 60 sqm to 150 sqm, with asking rents from $750 psm reducing to $430 psm for larger tenancies.
Interestingly, more shops are currently for lease in Northcote Plaza, further highlighting High Street’s popularity.
Rates and Valuation Trends
In terms of rating values, other managed properties in the area have shown mixed movement, with some even experiencing a reduction, reflecting the variability in market response across the precinct.
