207 Glenferrie Road, Malvern
A local investor paid $1.815 million on a yield of around 4% for the 190sqm building, on a 204sqm site. It is occupied by an MS Plus Community Op Shop.
548 Clayton Road, Clayton South
A Sydney-based investor paid $11.78 million for the new BP petrol station and fast food property, on a 6.17% yield. The 4,150sqm site also includes a Carl’s Jr., a car wash and 2 warehouses, for a combined income of $727,047pa.
53 Sunshine Avenue, St Albans
An investor paid $6 million for the 2,955sqm site, which has a brand-new freestanding McDonald’s drive-through restaurant. The 20-year ground lease has 2 further 10-year options and returns around $175,000pa plus GST. Vernacular Group was also the vendor.
153 Centre Dandenong Road, Cheltenham
The 250sqm showroom on a 370sqm site sold for $1 million.
429 Burwood Road, Hawthorn
Offshore training group AEMG Education bought the 992sqm double-storey office building, on a 1,174sqm site opposite Swinburne University, for $7.5 million.
Suite 9, 333 Canterbury Road, Canterbury
A local owner-occupier bought the vacant 84sqm strata office with 2 secure car parks for $540,000.
195-199 Heidelberg Road, Northcote
The Rutledge family, founder and owner of audio-visual technology company Rutledge Engineering, sold the 3,048sqm site for $5.5 million to an industrial developer who has plans to build warehousing units on the property.
10 Davies Avenue, Sunshine North
The 362sqm warehouse on a 592sqm site sold with a long-term lease for $1.2 million.
2/38 Zakwell Court, Coolaroo
The 330sqm office and warehouse sold for $850,000.
Warehouse 16, 9B Industrial Park, South Geelong
An owner-occupier bought the 99sqm warehouse unit for $435,000 excluding GST.
3A/100 Station Street, Nunawading
Zoned Industrial 1, and comprising 418sqm of office space, 292sqm of warehousing and 22 on-site car parks, the facility was leased at $155,000pa, or $218/sqm.
224-256 Heidelberg Road, Fairfield
Cedar Woods has paid $50 million for the 11,670sqm, Commercial 1-zoned Porta Timber factory site, where it is planning a 300-unit mixed use project. Porta had moved to the site in 1921 and the family, which owns the company, had held the land for over a century.
292 Stony Point Road, Crib Point
The 2,691sqm site sold for $2.78 million with permit approval for a 116-place childcare centre.
Dive Into This Freehold Investment With Upside!
The home of the first private swim school in Melbourne’s west is going to auction, presenting an excellent opportunity for land banking investors and developers looking to establish themselves in a surging region.
Fitzroys’ Ervin Niyaz and David Bourke, in conjunction with Harry Karageorge of Sweeney Real Estate are marketing 116 Pier Street, Altona, which goes to auction on Wednesday, 9 July at 12pm on-site.
The campaign marks the first time in 37 years the property has been offered to the market. Interest is expected from the early $3 millions range.
On a substantial 938sqm land allotment with over 20.1m of frontage to Pier Street, the property comprises a well-presented single storey building of 615sqm encompassing swimming pool, squash court, change rooms and reception with the convenience of on-site parking.
Sweeneys Swim School’s long lease runs until October 2027, returning $170,018 per annum plus outgoings and GST, and has two further terms of five years each.
“This is an ideal opportunity for land banking investors and developers to gain a foothold in Melbourne’s surging western suburbs,” Niyaz said.
“The property is strategically located in the heart of Altona’s retail and lifestyle centre, surrounded by a plethora of major retailers, restaurants and cafés and multi-storey apartment buildings, and is in direct proximity to Altona Beach and Altona train station.
He said attractive mixed-use zoning supports a range of alternative future uses and development outcomes, currently supporting up to five levels (STPA).
“There is evidently demand in the area for a range of development products. More people are looking to live, work and play in well-connected locations with quality lifestyle amenity,” Niyaz added.
“Investors, land bankers and developers can secure a strong income stream from a renowned tenant while planning their next moves for the property.”
Bourke noted this would mark one of the first commercial real estate auctions of the new financial year.
“This presents the opportunity to get a head start in FY26,” he said.
Sweeneys Swim School was founded in 1968 by Joan and Leon Sweeney from a backyard pool in Queen Street, Altona, where they taught local children and school groups to swim and be safe in and around the water. The high popularity of the swim school meant that in 1988 the swim school moved to a larger space and its current location in Pier Street, Altona.
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.