320 Rathdowne Street, Carlton North
An owner-occupier bought the vacant 270sqm 2-storey building, formerly home to celebrity chef Adrian Richardson’s La Luna restaurant, for $2.075 million. The sale price reflected a land rate of $12,064/sqm.
311-327 Princes Drive & 13 Wicks Crescent, Morwell
An investor paid $3,704,500 for the home of the Morwell Hotel. The property comprises a full-line hotel with public bar, bistro, TAB and gaming area, BWS drive-through and 17-room, 3-star motel, with a 25-year lease to Australian Leisure and Hospitality Group to November 2028 plus options, currently returning $173,235pa plus GST.
9-11 Post Office Place, Glenroy
A local owner-occupier bought the former Australia Post property for $3.001 million. Offered with vacant possession, the property comprises a 448sqm building on a 978sqm Commercial 1-zoned site.
176 High Street, Belmont
The former NAB bank branch building sold for $1.51 million. It comprises 311sqm of floorspace on a 438sqm Commercial 1-zoned site.
Shop 2/1591 Thompsons Road, Cranbourne North
An investor bought the 92sqm shop for $980,000, on a 5.77% yield. The property has a 7-year lease to October 2031 plus options to Cranbourne Grill & Kebab House, returning $56,525pa net plus GST.
920 Lygon Street, Carlton North
Gerald’s Bar on Rathdowne Street is moving to a bigger space, leasing the former Enoteca Sileno building in a 5+5+5-year lease at $200,000pa.
9/18-22 Lexia Place, Mulgrave
An investor paid $1 million for the 206sqm office unit, which has a new 4-year lease to ATS Global returning $53,356pa. It comes with 6 on-site car spaces.
12/108 Young Street, Frankston
The 57sqm office unit within the Frankston Business Centre building sold for $200,000.
3/100 Olympia Street, Tottenham
The 8,123sqm sold for $6.4 million. It currently comprises an office and warehouse facility of 2,189sqm. There is 3,000sqm of hardstand; 1,930sqm of which has potential for future development.
2/16 Brisbane Street, Eltham
The 283sqm office and warehouse unit with 5 car spaces sold for $1.44 million.
2/42 Ovata Drive, Tullamarine
Offered with vacant possession, the 260sqm office and warehouse unit with 7 off-street car parking spaces sold for $1.203 million.
18/1-25 Dohertys Road, Laverton North
Offered with vacant possession, the 148sqm warehouse unit sold for $558,000, on a building rate of $3,770/sqm.
291-293 Dandenong Road, Prahran
A developer paid more than $18 million for the 3,085sqm site, which has a permit for a 6-level project with 56 apartments. It has been home to the German community’s social club, Club Tivoli-Deutscher Verein, for over 35 years.
3 Beauview Parade, Ivanhoe
The medical clinic property sold for $1.9 million, on a 5.11% yield. The 200sqm building is on a 561sqm site and is leased to ForHealth with a recently-renewed lease until April 2029 with 3-year options, currently returning $107,136pa plus GST gross.
3/136-144 Bell Street, Coburg
An investor bought the 85sqm unit, leased to Kinesio Physio, for $470,000.
One of the most high-profile properties in Melbourne’s inner east has hit the market.
Fitzroys’ Chris James and Ben Liu are marketing for sale 482 Riversdale Road, at the corner of Burke Road and at the absolute heart of bustling Camberwell Junction, and which will go to auction on Wednesday, 16 April at 2pm.
Interest is expected at $4.4 million-plus.
Home to The Meat & Wine Co, the iconic fully refurbished building of 250sqm over two levels features a large internal dining area plus private dining and outdoor dining areas. It also has nine secure undercover car parks.
The property is securely leased on a 5-year term plus options, returning $245,226.20 per annum plus GST as of 1 May, with fixed 4% annual increases.
The Meat & Wine Co has grown to a national steak restaurant offering - as well as a restaurant in London’s Mayfair - with the Camberwell location a flagship restaurant in its portfolio.
The property overlooks the busy Camberwell Junction intersection of Burke Road, Camberwell Road and Riversdale Road - a major landmark in Melbourne’s popular leafy inner-east, between the Camberwell and Hawthorn East retail, lifestyle and commercial precincts.
“This is simply one of the best properties in Melbourne’s inner east to come to the market in 2025,” James said.
“The property is securely leased as a flagship for an elite hospitality operator, has excellent exposure to passing traffic in a landmark location, and is primed to benefit long-term from generational high-density development in the immediate surrounds,” he said.
The brick character building was constructed in 1885 for the English, Scottish and Australian Bank, which specialised in financing suburban builders in the area, before in more recent times being transformed into The Meat & Wine Co. in line with the adjacent Aerial residential development.
Incredible shopping and lifestyle drawcards nearby include Rivoli Village Cinemas, three major supermarkets, and national tenants including Country Road, Mecca Cosmetics, Minimax, The Athlete’s Foot, Laurent, and Grill’d, along with all major Australian banks, and more.
Liu said the property is surrounded by a surging population, with Camberwell Junction undergoing major planning reform with significant density and large-scale projects currently underway.
Camberwell Junction is one of the Victorian government’s 10 pilot Activity Centres, with the Core precinct of the Activity Centre - taking in 482 Riversdale Road - designated for high- density residential development of 6 to 12 storeys, with high and medium-density development in the surrounds, bringing thousands of new residents in total to the area. The plan aligns with the City of Boroondara’s Camberwell Junction Structure and Place Plan, which also encourages higher-density development.
“Generational high-density development in the area will increase the local established, affluent catchment and boost trade and rental growth prospects well into the future,” Liu said.
Last year, the City of Boroondara approved a 12-storey residential building project at 697 and 699 Burke Road, which will bring 36 new apartments and new commercial space next door to the Meat & Wine Co property.
“Camberwell has also emerged as a premium inner suburban commercial office location, which is attracting workers throughout the day, adding to the catchment and further driving trade,” Liu added.
The property is also highly accessible, surrounded by public transport options with the Route 70, 72 and 75 trams along Burke, Camberwell and Riversdale Roads, as well as Camberwell train station to the north and access to Monash Freeway to the south.
Disclosure: The weekly Fitzroys Property Wrap is for information only on transactions in the Melbourne property market. Fitzroys provides this information as a public service. We are not purporting that all sales and leases within this report were transacted by Fitzroys. Terms/Privacy © Copyright 2025 Fitzroys.