218-222 Anakie Road, Bell Park
An investor bought the Aldi-anchored Bell Park Plaza property for $20.58 million, on a 5.65% yield. The 4,242sqm neighbourhood shopping centre also includes a Cheap as Chips, pharmacy, medical centre, and Cellarbrations, and is on an 11,350sqm landholding.
1/287-309 Ballarat Road, Footscray
The 309sqm corner showroom property sold for $1.075 million, on a 6.52% yield. It has a 3+3+3-year lease from July 2023 to gym Zoom Fitness returning $70,143pa plus outgoings and GST.
71 Camden Road, Newtown
The 2-level 197sqm building on a 383sqm Commercial 1-zoned site sold for $765,000. It is leased on the ground floor to café Double Exposure, returning $15,600pa plus outgoings and GST.
236 The Esplanade, Brighton
A dog grooming business leased the 28sqm space at $29,000pa, or $1,035/sqm.
Shop 8, 1405 Toorak Road, Camberwell
The 49sqm space was leased to a florist at $28,000pa, or $571/sqm.
525 Flinders Street, Melbourne
Swiss pension fund investor AFIAA sold the 11-level building for $32.6 million to a local purchaser. The property has just over 10,000sqm of floor space and is about 70% vacant.
284-286 Plenty Road, Preston
The vacant 540sqm office building, on 567sqm of Commercial 1-zoned land with 20 car parks, sold for $1.963 million.
76 Newlands Road, Reservoir
An owner-occupier bought the 2-level 636sqm commercial building, which is on a 1,176sqm corner site, for $1.725 million.
28-32 Arctic Court, Keysborough
A private investor acquired the 2,953sqm high-clearance warehouse and cool room facility on a 5,300sqm site for $8.4 million.
2/11 Industrial Avenue, Thomastown
The 702sqm office and warehouse on 674sqm of land sold for $2.025 million.
175 Bamfield Road, Heidelberg West
The vacant 560sqm office and warehouse on 780sqm of Industrial 3-zoned land sold for $1.55 million.
4/25 Progress Street, Mornington
Offered with vacant possession, the 260sqm office and warehouse on a 376sqm Industrial 3-zoned site sold for $875,000.
2/94 Collins Road, Melton
The brand-new 255sqm office and warehouse unit on an 825sqm site sold for $850,000.
6/14 Latham Street, Mornington
The 220sqm tilt slab factory sold for $660,000. It has a lease ending 31 July 2026 returning $1,973pcm.
155 Johnston Street, Fitzroy
US company Pembroke acquired the 2,600sqm T-shaped site for $34.44 million from Greystar, as it makes its first foray in Australia’s build-to-rent market. There are plans for a $200 million, 200-unit project rising 11 stories, and featuring co-working facilities and gym on the site.
11 Devon Street, Croydon
The vacant medical premises with a permit for 3 practitioners, on 542sqm of land with parking for up to 6 vehicles, sold for $1.1 million.
15 Keys Street, Frankston
The 105sqm property, with reception, consulting room and 5 treatment rooms, sold for $395,000.
Regional Asset Leased to The Reject Shop Sells Under the Hammer
Investors seeking high-yielding assets with strong lease covenants have competed for a regional Victoria property leased to The Reject Shop, as the ASX-listed company was in the takeover sights of a Canadian retail giant.Fitzroys’ Chris Kombi, Lewis Waddell and Ben Liu sold 61-63 High Street, Maryborough under the hammer for $2.6 million, on a 6.4% yield.
The agents acted on behalf of a private Melbourne-based fund and under instructions from Advise Transact.
The 750sqm building comprises prime open plan retail space ideally suited to The Reject Shop, which has a secure six-year lease over the property with further terms of five years each. It is on a 786sqm site with 15 metres of frontage.
“This is a strong result for a regional retail property,” Kombi said.
“Our campaign generated interest from Melbourne, across Victoria and interstate. Four bidders competed for the property at the auction - from Melbourne, regional Victoria and the Maryborough area - with a Melbourne-based self-managed super fund investor ultimately winning out.
“The combined on site and boardroom auction platform allowed bidders to participate on site in Maryborough as well as from Melbourne.”
Waddell said buyers were attracted to the ASX-listed tenant, the higher yield regional properties can offer and lower land tax liability.
“We’re seeing a lot of buyers seeking high-yielding opportunities with strong lease covenants,” he said.
“The ASX-listed retailer was a key selling point during this campaign, during which Canadian retail giant Dollarama struck a successful takeover deal for The Reject Shop in a deal worth $259 million. This reaffirmed the strength of the tenant.”
The Reject Shop generated consolidated sales of $866 million for the 12-month period ending 29 December, 2024.
Maryborough is located 168 kilometres north-west of Melbourne, in the Shire of Central Goldfields, centrally located between other major regional centres including Bendigo, Ararat and Ballarat.
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.