1 Enterprise Way, Waurn Ponds
An investor paid around $3.1 million for the KFC restaurant property. It is on a 1,485sqm site and has a new 10-year ground lease to the Hosking Group, and returns $110,500 per annum.
89A Barrabool Road, Highton
A local owner-occupier bought the 136sqm shop for $1.525 million excluding GST.
9/434 Maroondah Highway, Croydon
An investor bought the 82sqm home of the Burnt Bridge Bakehouse for $800,000. It was offered with a 5+5-year lease.
58 Oshanassy Street, Sunbury
The 75sqm shop sold for $570,000, with a lease in place to Baggage Boutique returning $30,000pa.
180 William Street, Melbourne
Barristers Chambers offloaded the 12-storey, 3,401sqm building on the corner of Little Bourke Street to an owner-occupier for $23 million.
38/125 Highbury Road, Burwood
The 146sqm office unit sold for $650,000.
Suite 15, 1 Sigma Drive, Croydon South
Located within the Merrindale Drive Business Park, the near-new 121sqm suite with 4 car parks sold with vacant possession for $500,000.
20-22 Permas Way, Truganina
A local private investor bought the 10,760sqm warehouse for $25 million, on a yield of around 5.5%. The property is leased to Wire Industries with 9.2 years remaining on the deal.
12-14 Tullidge Street, Melton
The 650sqm office and warehouse on 2,946sqm of land sold with vacant possession for $2.5 million.
37A Dunmore Drive, Truganina
Offered with vacant possession, the 526sqm warehouse with a 64sqm office mezzanine area, on a 693sqm site with 7 car parks, sold for $1.91 million.
131 Australis Drive, Derrimut
The 495sqm office and warehouse on a 549sqm site sold for $1.35 million.
7/95 White Street, Mordialloc
The 205sqm warehouse with mezzanine level sold for $540,000.
19 Cambridge Road, Mooroolbark
The 1,719sqm permit approved childcare development site sold for $2.65 million.
Fitzroys’ Franklin Gikas and James Lockwood have just negotiated several new leases on secure terms to a range of tenants across the CBD.
“We continue to see a resurgence in foot traffic and customer activity in the CBD on the back of a booming night-time economy, major events, the return to the office and the upcoming completion of the Metro Tunnel,” Gikas said.
“More operators are looking to be a part this revival.”
According to Fitzroys’ latest edition of Walk the CBD, retail vacancies in the Melbourne CBD have come down over the past 12 months from 8.0% to 6.1% and have been slashed by more than half since recording 14.1% two years ago.
Headlining the latest deals is a 5+5-year lease to Creed Perfume at Shop 27, Royal Arcade, struck at $3,500 per sqm by Gikas and Lockwood.
Creed, which has a legacy dating back to 1760 in London, began as a tailoring house for royalty before expanding into luxury perfumery in Paris in 1854. This new store in the historic Royal Arcade marks Creed’s second Australian location, joining its Sydney boutique in the Strand Arcade.
“The refined character of the Royal Arcade provides the perfect setting for Creed’s timeless elegance and storied heritage,” Gikas said.
Dan McCormack, National Retail Manager at Creed’s local operator Agence de Parfum, said, “The Melbourne CBD has always been the beating heart of Australian retail – unlike any other shopping environment. Its laneways, cafes, and restaurants give it a European flair and offer more than just major malls and international chains.”
“Customers are craving immersive brand experiences – something that’s long been missing for many of the global brands we represent in Melbourne. These stores offer a sense of nostalgia for those who first discovered the brand overseas, and for new customers, it’s an introduction to the authentic boutique experience,” he said.
At 1/360 Bourke Street - opposite Bourke Street Mall - Gikas and Lockwood have confirmed completion of a seven-year lease to Paramount Liquor-backed Bottlestop, which is opening its first flagship store in the heart of the CBD.
“This is a strategic location for Bottlestop to launch its Melbourne CBD retail presence,” Lockwood said.
“This high-exposure tenancy offers the opportunity to capitalise on Bourke Street Mall’s repositioning which will see completion of the $150 million Melbourne Walk development, which will bring two new IHG Hotels to the centre of the city, as well as a JD Sports Australian flagship store, and transformation of the former David Jones menswear store into a Mecca flagship, a new Rodd & Gunn concept store, and office space.”
Lockwood also said, “Tenants are recognising that there is currently an excellent opportunity to establish a presence in the CBD in quality positions and on competitive leasing rates, with a number of businesses looking to lock in long-term deals.”
At Shop 6, 271 Collins Street, fronting Flinders Lane, Gikas and Lockwood negotiated a 3+3-year lease to expanding national tenant I Heart Kpop. Following on from stores in Sydney and Brisbane, I Heart Kpop is making its Melbourne debut after a number of successful pop-ups in the CBD.
“The store brings Korean fashion, pop culture, and fan energy to Flinders Lane, and is expected to attract strong foot traffic and devoted fans,” Gikas said.
At Shop 2/11 Manchester Lane, established footwear brand Merry People will open its first bricks-and-mortar store in the CBD after nearly 10 years of presence through its online store, warehouse outlet, and national stockists.
Meanwhile, Gikas and Lockwood have leased a 148sqm corner hospitality space, directly connected to GPT’s innovative Space & Co co-working lounge and event space, at 181 William Street to premium Japanese concept Attakai on a long seven-year term.
Created by the team behind Le Yeahllow and White Mojo, Attakai will bring high-quality fit-out, elevated sandos, specialty coffee, and a vibrant offering from Samsky and team.
Hospitality, food and beverage and entertainment operators again drove the take-up of space over the past 12 months, with the proportion of these spaces increasing from 40.9% to 47.4% - and up further from the 34.1% at the beginning of 2023 - according to the latest Walk the CBD report.
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.