23a Gladstone Street, Moonee Ponds
An investor paid $2.4 million on a 4.9% yield for the 300sqm strata investment, which has a renewed 5+5+5-year lease to Quarter Two café.
181 O’Herns Road, Epping
Local investors acquired the fuel and convenience retail property for $13.1 million, on a 5.63% yield. 7-Eleven, Starbucks and Oporto have long-term leases for net income of $737,000pa and a weighted average lease expiry (WALE) of more than 11 years.
Lot 2, 181 O’Herns Road, Epping
A buyer from Adelaide paid $2.5 million for the 1,948sqm site, with plans to develop and operate a car and truck wash facility on the site.
20 Hovell Street, Echuca
The 417sqm showroom on a 1,011sqm site sold for $628,000. It has a 3-year lease from April 2023 returning $3,266.61 plus GST pcm.
714-716 High Street, Kew East
An owner-occupier bought the vacant 902sqm office building for $4.35 million. Vendor City Circle Group is relocating to West Melbourne.
4-6 Cambridge Street, Laverton North
An owner-occupier in the construction industry acquired the 2.254ha site for $21 million. The property has permit approval for a 10,423sqm office and warehouse development. Nutrien was the vendor, having outgrown the planned facility.
3/11 Silver Street, Eltham
The 400sqm workshop sold for $1.47 million. It is leased to Alex’s Automotive Service Centre until June 2026, returning $52,650pa plus GST.
6 Reid Street, Wodonga
The 336sqm office and warehouse on 1,012sqm of land sold for $790,000. It is leased to Border Pumpworks until April 2028.
7/96 Canterbury Road, Bayswater North
The 263sqm warehouse unit sold for $690,000. It has a 5+5-year lease from 2022 to AAA Auto Care, returning $28,000pa plus outgoings.
33 Nobility Street, Moolap
The 370sqm office, showroom and warehouse on 629sqm of Industrial 1-zoned land sold for $650,000.
27 Scott Street, Dandenong
The 1,200sqm site which includes an almost completed 14-storey, 107-unit apartment building sold for $14.13 million through receivers, Grant Thornton.
84 Maribyrnong Road, Moonee Ponds
A self-managed super fund investor paid $1.78 million on a 4.7% yield for the 182sqm building, which is on a 709sqm site. Longstanding tenant Moonee Ponds Periodontics & Implant Centre has a 5+5+5-year lease.
In a successful auction held on the Tuesday before last weekend’s federal election, a top-shelf result was achieved for an Elwood corner investment with a new lease to Coles Group’s Vintage Cellars.
Fitzroys’ Mark Talbot and Lewis Waddell sold 111 Brighton Road, on the corner of Milton Street, for $2.79 million to local private investor.
The sale price reflected a tight net yield of 4.5%.
The property comprises a 390sqm two-level brick building incorporating an open-plan ground floor retail offering and separate first-floor three-bedroom, two-bathroom renovated apartment, on 376sqm of land with nearly 43m of combined frontage to Brighton Road and Milton Street.
Vintage Cellars, part of retail giant Coles Group, has been at the site since 2014 and recently renewed its lease for another five years, with three further terms of five years each. Coles Group is one of Australia’s largest grocery retailers with an extensive national supermarket and liquor store footprint. Vintage Cellars is currently undergoing a rebrand of its stores to trade as Liquorland, including 111 Brighton Road, Elwood.
“Our campaign generated more than 65 enquiries, which was a very strong result given the auction was being held ahead of a federal election and amid a lot of uncertainty about global trade conditions,” Talbot said.
“Investors were attracted to the lease covenant closely tied to an ASX-listed tenant, with the newly renewed secure lease generating a strong income, and Vintage Cellars set to be rebranded soon to Coles Group’s flagship liquor retailer Liquorland.
He said the corner location on a main road was also a drawcard.
“We also had interest from regional buyers looking to take advantage of the first-floor occupier opportunity in a highly desirable bayside suburb, while receiving a strong income stream from the excellent lease covenant,” Waddell added.
ASX-Listed Charter Hall Buys Corio Village Shopping Centre
ASX-listed property giant Charter Hall has acquired Corio Village Shopping Centre in Geelong for $146 million.
The 34,000sqm centre is anchored by Coles, Woolworths and Kmart, and includes 6 mini-majors and 68 specialty stores. It sold on a 7% yield, with 99.2% occupancy and a WALE of nearly 3 years.
The shopping centre records around $200 million in annual turnover.
IP Generation was the vendor, having paid $101 million for the centre in 2019 and undertaken an asset improvement strategy that saw a General Public entertainment hub and Planet Fitness gym both open up at the centre.
The sale follows an investor buying the Aldi-anchored Bell Park Plaza property, also in Geelong, 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.
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.