97-99 Raglan Street, Preston, VIC 3072 | Property Value & History | OnTheHouse
 
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97-99 Raglan Street
Preston VIC 3072

Bedrooms: -
Bathrooms: -
Car spaces: -
Land area: 1389m2
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Property Details for 97-99 Raglan St, Preston

Building Type
Commercial
Land Size
1389m2
Local Government
Darebin
Lot/Plan
4/LP61802

Last Listing description (October 2023)

Burgess Rawson is pleased to offer to the market the Soak City Car Wash, Preston VIC for sale via private treaty.

The property has the following key investment highlights:

+ Long 10 year net lease to 2032 plus options to 2052 to Soak City.
+ Soak City: Subsidiary of Mulpha International Berhad, new brand with 5 locations and growing.
+ Tenant responsible for all usual outgoings as per the lease.
+ Fixed compounding 3% annual rent increases.
+ Prominent 1,412 sqm* freehold corner site.
+ Corner position combined with significant underlying land value provides excellent scope for future development (STCA).
+ Busy car wash with recent $1M upgrade incorporating 2 automatic & 3 self-wash bays plus dogwash.
+ Strategic 'tenant choice' location with excellent exposure to 32,000 passing cars daily^ and access to major arterials such as Albert Street, Bell Street, High Street, and Grange Road.
+ Preston: metro suburb, 8km north of Melbourne CBD with median price of $1,120,000^^ and population forecast to grow 66.8% by 2041. ^^^
+ Net income: $180,000 pa* + GST.

*approx.
^GapMaps
^^***
^^^Forecast.id

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Property History for 97-99 Raglan St, Preston, VIC 3072

A timeline of how this property has performed in the market
Last Sold
$3,500,000
03 Jun 2024
  • 03 Jun 2024
    Sold for $3,500,000
  • 21 Aug 2023
    Listed for Sale Price on Request
  • 08 Dec 2021
    Sold for $2,325,000
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About Preston 3072

The size of Preston is approximately 11.5 square kilometres. It has 30 parks covering nearly 4.7% of total area. The population of Preston in 2016 was 32851 people. By 2021 the population was 33790 showing a population growth of 2.9% in the area during that time. The predominant age group in Preston is 30-39 years. Households in Preston are primarily couples with children and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Preston work in a professional occupation.In 2021, 57.30% of the homes in Preston were owner-occupied compared with 56.70% in 2016.

Preston has 21,593 properties. Over the last 5 years, Houses in Preston have seen a 15.62% increase in median value, while Units have seen a 12.69% increase. As at 30 November 2025:

  • The median value for Houses in Preston is $1,220,339 while the median value for Units is $635,220.
  • Houses have a median rent of $620 while Units have a median rent of $550.
There are currently 61 properties listed for sale, and 36 properties listed for rent in Preston on OnTheHouse. According to Cotality's data, 943 properties were sold in the past 12 months in Preston.

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