181-187 Pascoe Vale Road, Moonee Ponds
The 1,532sqm corner site, occupied by a Shell fuel station and OTR convenience retailer and car wash, sold for $11.001 million. The property has a 17-year lease until March 2041 plus 7 further 5-year options, currently returning $481,734pa plus GST.
2 Rail Circuit, Mambourin
Oreana Group sold the 2,026sqm 7-Eleven site to a local investor for $6 million, on a circa 6% yield.
140 Barwon Heads Road, Belmont
A national owner-occupier acquired the vacant 1,150sqm showroom with 25 car spaces for $2.775 million excluding GST.
31 Ambrose Avenue, Cheltenham
The 124sqm café-leased property sold for $945,000, on a 5.4% yield. It has a 10-year lease to February 2035 with options to 2045 to Sana Coffee, returning $51,025pa plus GST.
228 Waterdale Road, Ivanhoe
The shop of 60sqm plus 2-storey dwelling on 203sqm of Commercial 1-zoned land sold for $861,000. The retail space is leased until January 2026.
1601 Malvern Road, Glen Iris
The mostly vacant 3,800sqm office building sold for $16.45 million. Workwear retailer RSEA is the current tenant.
1 Quarry Road, Tottenham
Centuria Capital acquired the 40,000sqm Industrial 1-zoned landholding, which has an 8,016sqm warehouse facility, for $32.8 million. Cargo Freight Services has a lease until 2030 that returns more than $1.3 million per year.
14 Horne Street, Hoppers Crossing
On a 1,020sqm Industrial 1-zoned site, the 420sqm warehouse sold for $1.51 million.
24 Percy Street, Heidelberg West
The 300sqm warehouse on a 585sqm site sold for $910,000.
2/1 Nova Court, Craigieburn
The vacant 180sqm warehouse with a 69sqm mezzanine and office sold for $800,000.
94 Cromer Avenue, Sunshine North
The 581sqm Industrial 3-zoned site sold for $700,000.
55 Northern Highway, Beveridge
Ozzie Kheir’s Resimax Group acquired the 105ha parcel from a private family for $107 million.
252 Wickham Road, Highett
A private investor bought the brand-new 1,302sqm property occupied by Animal Emergency Centre (AEC) for around $10 million, on a circa 5.5% yield. AEC, owned by Greencross Pet Wellness Company, has a 10+5+5-year lease returning $55,350pa.
80 Geelong Road, Torquay
A Melbourne-based investor bought the 250sqm dental clinic building on a 1,013sqm landholding for $3.01 million excluding GST. The 2023-built property has a 5-year lease with options to 2044, currently returning $132,000pa net.
Another Strong Sale Achieved For A Bottle Shop Property
Fitzroys has achieved another strong sale result for a bottle shop property, this time selling the Preston home of Cellarbrations after a campaign that generated more than 130 enquiries.
Fitzroys’ Ervin Niyaz, Ben Liu and Chris Kombi managed the successful auction campaign of 380 High Street, Preston.
The huge enquiry during the campaign culminated in 5 bidders competing for the asset, which sold for $2.388 million. The sale price reflected a high building rate of $14,047/sqm and land rate of $7,580/sqm.
The property comprises a 170sqm building with a brand-new fit-out, including retail space, cool room and storage, with a 10.36m frontage to High Street. It is on a valuable inner-city landholding of 315sqm with parking for 4 cars.
Cellarbrations, one of Australia’s largest retail liquor brands with over 700 stores across the country, has a new 10+5+5-year lease returning $130,000pa plus GST.
“Investors were attracted to the property’s secure long-term lease to a major liquor retail group at a time of residential and share market volatility,” Niyaz said.
He said the property’s ideal location, in the heart of one of Melbourne’s busiest shopping strips and opposite the famous Preston Market, was also a drawcard.
“Using Fitzroys’ extensive database and networks, we were able to generate a very competitive environment throughout the campaign and on auction day, leading to strong sale result,” he added.
Occupying a commanding position on the eastern side of High Street near the corner of Murray Road, the property is surrounded by national retailers including Woolworths, Aldi, Chemist Warehouse, CBA, and ANZ, along with popular eateries.
The strong sale immediately follows Fitzroys achieving a top-shelf result for another bottle shop – 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, on a tight net yield of 4.5%.
The property comprises a 390sqm 2-level brick building incorporating an open-plan ground floor retail offering and separate first-floor 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 5 years, with 3 further terms of 5 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.
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.