Trophy Mixed-Use Asset Hits the Market in Preston’s Regeneration Corridor – Jones Real Estate 

A premium 5-level freestanding mixed-use building in one of Melbourne’s fastest-evolving Northside precincts has been listed by Jones Real Estate. Located at 138 High Street, Preston, Orrizon is offered to market via International Expressions of Interest closing Wednesday 10^th September 2025 at 12pm (AEST). 

Constructed in 2020 and held as a long-term strategic investment, Orrizon is a commanding five-level asset combining architectural presence, flexible zoning and immediate lifestyle appeal. Occupying a 230sqm* landholding with Commercial 1 Zone (C1Z) designation, the property spans 819.5sqm* and is offered with vacant possession. 

The building compasses a high-quality ground-floor commercial space with direct street frontage, three architecturally designed apartments, and a double-storey luxury penthouse residence, all supported by secure garage and lift access. The versatile format lends itself to owner-occupiers, investors and developers seeking income, uplift or future repositioning potential. 

“Orrizon offers a high-impact, low-maintenance proposition for those looking to secure a strategic holding in a rapidly gentrifying pocket of Melbourne’s inner north,” said Paul Jones, Managing Director of Jones Real Estate. 

“The combination of design excellence, flexible layout and unrivalled location positions this property as a true standout in today’s market,” Jones added. 

The building was envisioned and developed by a private owner-occupier who lived onsite with their family. “I wanted to create a fun space where I could house toys downstairs, create an office for work and live above,” the developer said.  

“We’ve loved the flexibility of having me work from home and having the space for a growing family, but it’s now time to enjoy a more traditional home with a backyard,” he added.  

The developer said the original vision was to retain the building’s warehouse bones while integrating a sense of luxury and lightness through the upper residential levels. “The main challenge was keeping the existing structure to create a warehouse conversion feel, while constructing out of a laneway with no crane access. Building five storeys in tight quarters was tough but ultimately rewarding.” 

When asked about who the ideal buyer might be, the developer noted it would suit “a large extended family wanting space and independence across multiple levels, or alternatively an investor seeking great returns and huge capital growth opportunities.” 

Located between the Thornbury and Preston retail villages, Orrizon is set within a culturally rich lifestyle corridor, just 7.9km* north of Melbourne’s CBD. The property benefits from unrivalled connectivity, with proximity to the Route 86 tram, Bell Station (Mernda Line) and multiple bus routes, enhancing day-to-day convenience for residents and businesses alike. 

Surrounded by vibrant hospitality, artisan retailers and independent creatives, High Street Preston has been internationally recognised as Time Out’s “Coolest Street in the World” and continues to attract strong residential, retail and commercial interest. Orrizon’s offering is further underpinned by proximity to quality education providers and ongoing infrastructure investment within the Darebin municipality. 

The developer also has several upcoming projects in the pipeline, including a multi-factory development at 375 Bayswater Road, Bayswater (currently online with Jones Real Estate), and high-end residential builds in Albert Park, Aberfeldie and South Melbourne. 

Orrizon presents a once-in-a-lifetime opportunity to acquire a landmark building in one of Melbourne’s most compelling lifestyle destinations. The campaign is led by Paul Jones and Mimi Hoang of Jones Real Estate. 

For more information, please visit https://www.jonesrealestate.com.au/.

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