5567 Princes Highway, Traralgon
Local unlisted property fund Strategic Opportunities (Growth & Income) Fund acquired the 20,000sqm car dealership site for $23.5 million, on a 6.43% yield. South Africa-listed Motus Holdings occupies the property with 2.8 years left on the lease. The property has 7,773sqm of showrooms, offices and service centres.
92 Swan Street, Richmond
The home of the Post Office Hotel, near Richmond train station and opposite the Corner Hotel, sold for $2.75 million.
3 Hollingsworth Drive, Cobblebank
The 84sqm shop leased to an Indian restaurant sold for $1.042 million. It has a 7-year lease to April 2031 plus 2 further 5-year options, currently returning $53,625pa plus GST.
39 & 39A Murphy Street, Wangaratta
The 2-level shop and dwelling sold for $685,000. The ground level retail space is leased to Golden Barber on a 1+1-year deal to September 2025 returning $22,990pa plus outgoings and GST, and the upstairs 2-bedroom unit returns $18,200pa on a lease until December 2025.
Shop 3, 483 Glen Huntly Road, Elsternwick
A local investor bought the 85sqm retail space for $620,500, or a building rate of $7,300/sqm.
45-47 Warrigal Road, Hughesdale
A syndicate paid $5.65 million for the 1,529sqm building, which is on a corner site with 53 car spaces. It was formerly home to Mercy Health.
17/1140 Nepean Highway, Mornington
The converted 132sqm former warehouse sold for $560,000.
289 Arthur Street, Fairfield
An owner-occupier bought the vacant 570sqm brick warehouse on a 735sqm Industrial 3-zoned site for $1.767 million.
7 Makland Drive, Derrimut
The 547sqm office and warehouse on a 951sqm site sold for $1.8 million.
3/55-57 Randor Street, Campbellfield
The 262sqm warehouse sold with vacant possession for $760,000.
1/9 Parsons Street, Clayton South
The vacant 207sqm warehouse unit sold for $722,500.
26/74 Willandra Drive, Epping
Offered with vacant possession, the 165sqm office and warehouse unit sold for $640,000.
Warehouse 9, 5 Speedwell Street, Somerville
Pool fencing business Blue Croc Manufacturing bought the 204sqm warehouse for $561,000 from Watermark Plumbing and Drainage.
160 Epping Road, Epping
Zoned General Residential, the 1.7ha site at the corner of Harvest Home Road sold with vacant possession for $7.9 million.
51 Gladstone Parade, Glenroy
An investor bought the 1,395sqm corner site home to a 75-place Busy Bees childcare centre for $4.3 million, on a 5.52% yield. Busy Bees has a renewed 10-year net lease to October 2034 with 3 further 10-year options.
Investment Rush Amid Moonee Ponds Boom
The generational Moonee Ponds development boom is attracting a rush of investment, with 3 key sales across different sectors totalling $6.65 million secured in a matter of weeks by Fitzroys.
Fitzroys’ Ervin Niyaz and Chris Kombi negotiated the strong sales results on behalf of respective private owners.
Headlining the trio of deals was the $2.4 million sale on a tight 4.9% yield of a strata café investment at 23A Gladstone Street, which forms part of the Wesleyan Church redevelopment. The property includes a 300sqm building leased to the successful Quarter Two Café on a renewed, secure 5+5+5-year deal.
The property was one of Moonee Ponds’ most unique offerings in recent times. At the front section of the old church grounds, it was purpose-built for hospitality use and the area on title also takes in part of the old church building. The self-contained 2-level premises includes the church’s spire, accessed via an internal spiral staircase, with an office and storage area.
“The campaign generated interest from private investors and self-managed super fund investors from Melbourne and around the country, with five expressions of interest received during a competitive process that culminated in a strong result for a strata asset,” Kombi said.
“Investors noted the secure lease to a proven operator, strong income stream, and excellent location in one of Melbourne’s fastest-growing inner city locations.”
Also selling was a medical freehold at 84 Maribyrnong Road, with a long lease to a specialist periodontics and implant centre, for $1.78 million on a 4.7% yield.
“Seven expressions of interest were received as we continue to see a competitive environment for medical assets, which have shown their resilience over the past several years,” Kombi said.
“Investors are gravitating to well-located retail and medical assets with secure leases to quality tenants amid residential and share market volatility.”
Kombi and Niyaz also sold 42-44 Hall Street, a vacant Activity Centre-zoned development site close to the vibrant Puckle Street shopping and lifestyle precinct, on a high land rate of over $7,000 per sqm.
“Moonee Ponds is experiencing a generational development boom, which continues to be very well-received by the market,” Niyaz said.
“There’s some 2,000 apartments in the surrounds, to go with newly completed major residential developments such as Penny Lane, while the $2 billion overhaul of Moonee Valley Racecourse is underway and will ultimately add thousands more residents to the immediate catchment, further underpinning trade prospects for local businesses,” Niyaz said.
He added that Moonee Ponds offers excellent public transport linkages by train, tram and bus, and excellent connectivity to major road arterials and only seven kilometres north-west of Melbourne’s CBD. The location is serviced by Moonee Ponds train station, Moonee Ponds Junction bus interchange, and Route 59 and 82 trams.
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.