136-144 Greville Street, Prahran
An interstate family paid close to $11 million for the row of properties occupied by French restaurant Entrecote, Kookai and Acai Brothers. They are on 3 titles across 909sqm, and the property returns $479,370pa.
423-425 Elizabeth Street, Melbourne
An investor bought the 283sqm building on 184sqm of land for $9.1 million. It is occupied by global bubble tea and ice cream chain Mixue on a 5+5-year deal and Wonton Lab, for a combined return of $428,490pa plus GST.
53 Sunshine Avenue, St Albans
The brand-new Starbucks-leased property sold for $5.46 million. On 1,546sqm of land, the property has a 12-year lease with 4 further 5-year options, currently bringing $251,000pa plus GST.
378 Keilor Road, Niddrie
The 350sqm building, occupied by bike retailer Van Lu which is vacating in August, sold for $1.69 million. It is on 320sqm of land.
166 Main Street, Mornington
The 103sqm building on a 245sqm of land with dual street frontages sold with vacant possession for $1.45 million.
4/14 Koolkuna Lane, Hampton
An investor paid $1.235 million for the 112sqm premises, which has a 10-year lease to Acai Paradise until October 2034, plus options to 2044, currently returning $59,025pa plus GST.
354-360 Little Bourke Street, Melbourne
A Sydney-based investor bought Melbourne House for around $23 million, with plans to restore the 6-storey building. Singaporean investor Roxy-Pacific was the vendor of the century-old, 4,587sqm property, which is on a 937sqm site.
343 King Street, West Melbourne
The 148sqm, 3-storey building on 67sqm of land sold for $2 million.
Suite 39, 125 Highbury Road, Burwood
The 54sqm office suite sold for $243,000. It has a 3+3-year lease to Nordic Windows and Doors returning $18,000 plus GST and outgoings.
187 Calarco Drive, Derrimut
The 2,432sqm office and warehouse on 3,880sqm of land sold for $7.05 million.
23 Makland Drive, Derrimut
An investor paid $2.45 million for the 735sqm office and warehouse building, which is on 1,260sqm of Industrial 1-zoned land with 12 car spaces. It is leased until the beginning of 2028 and returns $77,445pa plus outgoings and GST.
3 Harrison Court, Melton
The 443sqm clear-span warehouse on 631sqm of land sold for $1.05 million. It returns $52,000pa plus GST.
5/177 Para Road, Greensborough
The 320sqm high-clearance warehouse sold for $1.045 million.
20/283 Rex Road, Campbellfield
The 369sqm office and warehouse unit with 6 car spaces sold for $830,000, with a lease until 2028 and a 2+2-year option.
294-296 Hoddle Street, Abbotsford
A land banking investor bought the 1,864sqm Commercial 2-zoned site for close to $15 million.
704 Skipton Street, Redan
A local investor and potential occupier bought the regional childcare centre, currently occupied by Community Kids Haven Early Learning Centres, for $4.49 million.
552-554 Canterbury Road, Vermont
A local group acquired the 1,488sqm permit approved childcare corner site for $2.6 million.
$17m-Plus In Sales Along Key Melbourne Shopping Strips As Investors And Owner-Occupiers Pursue Assets
Melbourne’s shopping strip market is showing signs of strength entering the new financial year, with FY25 capped off by more than $17 million in sales along key strips amid heavy interest from investors and owner-occupiers alike.
Fitzroys’ sales in the past 2 weeks in key strips include:
• 279 Coventry Street, South Melbourne - $2.240 million
• 90-94 Lower Plenty Road, Rosanna - $3.475 million
• 442 Clarendon Street, South Melbourne - $1.235 million
• 509 Chapel Street, South Yarra - $1.565 million
• 207 Glenferrie Road, Malvern - $1.815 million
• 662 Burke Road, Camberwell - $10,000 per sqm
• 54 Puckle Street, Moonee Ponds - $2.010 million
• 387 Bay Street, Brighton - $1.626 million
“We’re seeing really strong buyer demand for well-located Melbourne shopping strip assets entering the new financial year. Prime Melbourne strip retail assets continue to offer sound investment credentials, particularly at a time of residential and share market volatility,” said Fitzroys Director David Bourke.
“Well-leased properties continue to be in demand and yields are beginning to tighten. The gradual reduction in interest rates is assisting and sentiment is also improving amongst investors with the federal election now behind us.”
The property at 207 Glenferrie Road, occupied by an MS Plus Community Op Shop, sold on a sharp 4% yield through Lewis Waddell and Ben Liu.
Bourke said Melburnians are looking for places where they can live, work and play and shopping strips with strong commercial and residential markets, and high accessibility via public transport and car are attracting broad interest.
“We saw expectations exceeded in the sale of 54 Puckle Street, which is surrounded by the generational Moonee Ponds development boom. There are 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.”
Moonee Ponds is further supported by a growing commercial market and workforce, which includes the Australian Taxation Office and Honda head office within walking distance from the property, while the suburb boasts excellent public transport linkages by train, tram and bus, and excellent connectivity to major road arterials, and a location only seven kilometres north-west of Melbourne’s CBD.
Bourke and Ervin Niyaz were the agents.
Through Waddell and Chris James, an investor also acquired 509 Chapel Street, South Yarra, which is occupied by longstanding tenant Kisskill. The property is in the prime of what is arguably Australia’s most famous shopping strip, opposite the $2.75 billion Jam Factory development that will transform the strip further and boost the residential, worker and visitor population, sharply enhancing the strip’s long-term prospects.
South Yarra has been witnessing intensive commercial and residential development, namely in the high-density Forrest Hill precinct which has seen delivery of the new Goldfields House office tower and numerous apartment buildings.
An investor acquired the multi-tenanted property at 387 Bay Street, which is opposite a high performing Coles supermarket and apartment development and services what is one of Melbourne’s most affluent and prized catchments.
Mark Talbot and Tom Fisher sold the property.
“We’re also seeing owner-occupiers play a greater part in the market, and we expect that will continue as interest rates fall further,” Bourke said.
Owner-occupiers acquired the properties at 442 Clarendon Street, through Fisher andChris Kombi, and 662 Burke Road, through James, Liu and Bourke, with the latter to become home to a new hospitality venture.
“The strength of these sales shows owner-occupiers are serious participants in Melbourne’s shopping strip market, creating extra competitive tension in sales campaigns,” Bourke said.
“Vacant properties and properties with short-term lease profiles are transacting and we’re seeing positive outcomes for vendors and buyers,” Bourke said.
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.