1097-1111 High Street, Armadale
A local investor paid more than $25 million for the 2,442sqm building, which has basement parking for 55 cars and is on a 1,773sqm site at the corner of Huntingtower Road. The property’s tenants include Marshall White, Chemist Warehouse, Purebaby and Institchu, for a combined return of $1,129,529pa.
4 Banksia Street, Heidelberg
The owners of the Mt Evelyn Garden Centre acquired the 2.33ha nursery site for more than $3 million. It had been held by the same owner-occupiers for 47 years.
101 Princes Highway, Traralgon
An investor paid $2.335 million on a 5.22% yield for the 796sqm showroom property on a 1,086sqm site. It is leased to Petstock on an extended 11-year lease to 2032 with a further 5-year option, currently returning $128,243pa plus GST.
12-18 Claremont Avenue, Malvern
An investor paid $1.85 million on a 5.73% yield for the 225sqm property, which is leased to Pizza Religion.
143 Como Parade East, Parkdale
The 173sqm building, comprising 2 shops on 434sqm of land, sold for $1.25 million.
323 High Street, Preston
Offered with vacant possession, the 2-storey 150sqm brick shop and dwelling on 202sqm of Priority Development-zoned land sold for $960,000.
442 Clarendon Street, South Melbourne
An interstate owner-occupier bought the vacant 135sqm building on a 104sqm site for $1.235 million.
13C Merrifield Street, Brunswick
The 46sqm office space with 1 car space sold with vacant possession for $350,000.
62 Northgate Drive, Thomastown
Perth-based investor Westbridge Funds Management spent $13.25 million acquiring the 4,970sqm logistics property on 7,600sqm of land. NPFulfilment has 3.6 years remaining on its lease, which returns $795,200pa.
65 National Drive, Truganina
A local developer paid $5.9 million for the 7,044sqm Industrial 3-zoned parcel of land within the Connect West Estate.
876 Burwood Highway, Ferntree Gully
The 850sqm building with a renewed lease to Bridgestone sold for $1.545 million. The new 3-year lease returns $79,858pa.
65 Aitken Street, Williamstown
The 483sqm office and warehouse sold for $1.1 million.
53 Mologa Road, Heidelberg West
The 400sqm warehouse on 674sqm of land sold for $950,000.
4 Nizam Court, Wantirna
The 0.61ha site with endorsed plans for 11 townhouses sold for $4.625 million.
41 Parliament Square, Melbourne
Thai hospitality group KS Hotels acquired the Park Hyatt Melbourne for more than $200 million, from Hong Kong-based firm Fu Wah International. The Park Hyatt comprises 245 rooms, a pool, restaurants, and conference and event spaces.
First Time Offered In Over 5 Decades – Prime Lygon Street, Carlton Opportunity
Melbourne’s prime shopping strip market is set for its next test, with the famous dining and lifestyle strip of Lygon Street, Carlton set for a generational property auction in September.
Fitzroys’ Chris Kombi and Shane Mills are marketing 279-281 Lygon Street with the auction set for Friday, 5 September at 1pm.
Expectations for the vacant two-storey 165sqm building are in the mid-$1 millions range.
The campaign marks the first time in 53 years the property has been made for sale.
The property is positioned in a high-performing section of Lygon Street, just metres from the Faraday Street intersection, and offers an expansive frontage of more than 7.5m, and rear access via both Lygon Lane and Dorrit Street.
The ground floor is leased to an established retailer while the first floor is offered vacant, providing scope to occupy, invest, refurbish or repurpose (STCA). Potential fully leased income is circa $90,000 per annum.
“This is a truly generational opportunity to invest in the prime of what is arguably Melbourne’s most famous dining and lifestyle strip. It’s a very tightly held part of Melbourne,” Kombi said.
The property is surrounded by a mix of notable traders including DOC, Brunetti, Fishbowl, Grill’d, Yo-Chi, Mecca, Peter Alexander, Johnny’s Green Room, Vintage Cellars and BWS, to name a few.
“The return in earnest of Melburnians dining out has Lygon Street buzzing. An eclectic wave of new restaurants, eateries and bars have been opening up on the strip, complementing the traditional Italian classics, as well as popular national and local traders, adding a new vibrancy to the strip.” Further regeneration of Lygon Street is happening just a few metres away from the 279-281 Lygon Street property at the iconic King & Godfree building, where the deli, wine store, café and restaurant Agostino are under renovation.
Melburnians dining and eating out, tourists visiting in bigger numbers, and students back at university have translated to vacancies in Lygon Street falling close to their lowest in years.
According to Fitzroys’ most recent Walk the Strip report, vacancies on Lygon Street have come down from 20.0% in the depths of COVID to now sit at a healthy 7.5%.
Mills said the rapid transformation of Carlton to accommodate and encourage student and residential apartment developments will further support trade and activity along the strip.
He added that good accessibility is a key predictor of the performance of shopping strips.
“Lygon Street has excellent tram and bus connections in addition to plentiful public car park options, including the Elgin Street public car park providing over 200 car spaces.
“The brand-new Parkville Station, meanwhile, is set to open soon within walking distance from Lygon Street, as part of the Melbourne Metro Tunnel project.”
Robust Outcome For Multi-Tenanted Investment
A multi-tenanted warehouse investment in Melbourne’s western industrial hub of Laverton North has sold in a robust outcome for the market.
Fitzroys’ Brent Glassford and Marco Sandrin, in conjunction with Compton Green’s Tino Parisi, sold 4-6 Somerleigh Road, Laverton North for $4 million, on a tight 5.7% yield, on behalf of a private owner.
“A local private investor has snapped up the opportunity that generated enquiries from investors, syndicates and land bankers from Melbourne and interstate,” Glassford said.
The property comprises 2,400sqm of warehousing with multiple overhead cranes and roller shutter door access on 4,088sqm of Industrial 2-zoned land.
The multi-tenanted property currently returns $228,556 per annum plus GST.
“The market continues to recognise well-located, well-leased industrial assets. In this case the property was occupied by two established tenants, featured functional improvements, and was in a superb location,” Glassford said.
“This booming inner-west is one of Melbourne’s most tightly held and highly sought-after industrial pockets, and this property was less than 500m from the Western Ring Road interchange and just 100m from Boundary Road, providing excellent accessibility and convenience.”
Sandrin said, “The market in this area is incredibly competitive at the moment. Investors are very keen to acquire an asset that’s in such high demand from tenants, offering excellent short- and long-term rental prospects, particularly at a time in which industrial land supplies remain very low.”
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.