279 Coventry Street, South Melbourne
The 125sqm 2-level corner building on a 127sqm site traded for $2.24 million, on a land rate of $17,638/sqm. It sold with a short-term lease in place.
46S Hammersley Drive, Clyde North
ASX-listed fund manager Charter Hall offloaded the 17,005sqm Bunnings Warehouse shed on a 3.78ha site for $44 million. A high net worth local family purchased the property, which currently returns around $2.17 million per annum from its 12-year net lease that has renewal options until 2079.
745-751 Springvale Road, Keysborough
The 4,548sqm EG Ampol and Wash Club car wash site sold for $11.07 million. The property has a 1.3-year weighted average lease expiry (WALE), and currently returns a combined $510,325pa plus GST.
53 Sunshine Avenue, St Albans
The brand-new El Jannah drive-through restaurant site of 2,316sqm sold for $7.47 million. It has a 20+15+15-year lease returning $371,000pa plus GST. Vernacular Group was the vendor.
916 Glenferrie Road, Kew
The 250sqm property sold for $1.338 million, with a new 5-year lease to garden supplies and café business Town & Country.
1/796 High Street, Kew East
An owner-occupier bought the 710sqm 2-level office property with 17 car spaces for $3.163 million.
385 Tooronga Road, Hawthorn East
An interstate investor acquired the 3-storey, 432sqm building for $2.8 million, on a yield of 6.27%. The building has 5 tenancies.
15 Dennis Street, Campbellfield
The 1,670sqm warehouse with 4 high-clearance roller doors, on a 4,158sqm Industrial 1-zoned site, sold for $4.475 million.
16-18 Capital Drive, Grovedale
A local investor bought the 724sqm warehouse on a 1,419sqm site for $1.812 million, on a 5.2 yield. The property is leased to Coast2Coast Plaster Supplies on a 3-year lease with options to 2034, currently returning $94,415pa net.
50 Crown Avenue, Mordialloc
The vacant 200sqm warehouse with 2 on-site car parks sold for $902,000.
2/93 Mason Street, Campbellfield
The 275sqm tilt-slab factory on a 470sqm site with 5 car parks sold for $820,000. It has a lease until October 2025.
2/6-8 Empire Way, Hallam
Offered with vacant possession, the 412sqm office and warehouse, which includes a 60sqm mezzanine, sold for $790,000.
14/34 Christensen Street, Cheltenham
The 172sqm warehouse unit with 3 on-title car parks sold for $790,000.
77 Devonshire Road, Watsonia
A NSW-based investor paid $5.58 million on a 5.79% yield for the fully-leased 2-level, 787sqm medical facility. It has a 5.6 WALE and is on a corner landholding of 615sqm.
156 Epsom Road, Ascot Vale
The 419sqm landholding home to Epsom Road Vet sold for $1.625 million, on a 5.45% yield.
Sharp Yield for Suburban IGA Supermarket Investment
A land-rich suburban IGA-leased investment has sold for one of the sharpest yields for a suburban supermarket property in 2025 to date.Fitzroys’ Chris Kombi, Chris James and Ben Liu sold 90-94 Lower Plenty Road, Rosanna, which is occupied by an IGA Supermarket + Liquor. The high sale price of $3.475 million –above expectations – reflected a sharp 3.8% yield.
It marked for the first time in 40 years the property had changed hands.
The property comprises a 540sqm building, on a Commercial 1-zoned landholding of 737sqm with rear access, a 16.4m street frontage, and on-site parking for up to 7 cars.
It has a 5+5-year lease from November 2022 and has been operating as a supermarket for over 60 years, and also features a licensed Tattslotto outlet.
Kombi said the campaign generated strong interest from investors and land bankers, with 8 Expressions of Interest received.
“The buyer, who was sourced from the Fitzroys investor database, is an investor who was attracted to the property’s location, size and notable tenant,” he said.
“Investors and land bankers were attracted to the property’s immediate performance and long-term potential. The strong-trading tenant offered a quality income stream, while the large land proportions and favourable Commercial 1 zoning presented strong future redevelopment potential in a popular and growing location.
“Supermarket-leased properties with quality operators remain an excellent investment proposition at a time of share market and residential market uncertainty. This IGA supermarket really stands as a local favourite and community staple.”
Located in a high-profile position within the popular Rosanna Village shopping precinct, the property is surrounded by major tenants including Chemist Warehouse, Australia Post, Bakers Delight and Jetts Fitness, as well as popular cafés, medical clinics, pharmacies, takeaway outlets, and specialty retailers.
It is also metres from a number of recently completed high-density residential developments, which James said had led to a significant increase in the local population, supporting the Rosanna Village traders.
Reserve Smashed for Prime Glenferrie Road Freehold
The reserve price has been smashed for a prime Glenferrie Road, Malvern freehold investment as Melbourne’s retail market shows signs of strength coming into the new financial year.
Fitzroys’ Lewis Waddell and Ben Liu sold 207 Glenferrie Road, Malvern for $1.815 million, following a successful auction campaign that generated strong interest and culminated in 5 bidders competing for the asset.
A local investor was the eventual purchaser of the 190sqm building, which is on a 204sqm Commercial 1-zoned landholding in the absolute prime trading section of Glenferrie Road, Malvern.
The sale price reflected a sharp 4% yield. The property is occupied by an MS Plus Community Op Shop.
“We’re clearly seeing strong buyer demand for prime retail investments coming into the new financial year,” Waddell said.
“Prime Melbourne strip retail assets continue to offer sound investment credentials.”
The 207 Glenferrie Road property is surrounded by major national tenants, supermarkets and local retailers including Coles, Zambrero, Dan Murphy’s, Messina, Yo-Chi, major banks and more, and is highly accessible with the Route 72 tram at the doorstep and both Malvern and Armadale train stations nearby.
Liu said Glenferrie Road, Malvern services a high-spending and growing local catchment that includes some of Melbourne’s most expensive suburbs including Malvern, Toorak, Armadale and South Yarra, and which also includes heavy local school traffic.
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.