310-318 New Street, Brighton
The multi-tenanted fully leased building on a 493sqm Commercial 1-zoned site sold for $2.991 million on a blended yield of 4.74%.
279-281 Lygon Street, Carlton
Offered for the first time in 53 years, the 2-level building was acquired by an investor for $1.678 million. Leased to a tobacconist, the sale price reflected a passing yield of 3.45% and a land rate of $13,115/sqm.
1-3/364-368 Horseshoe Bend Road, Armstrong Creek
The 245sqm property, spanning 3 shops across 3 titles, sold for $1.857 million on a 5.01% yield. Fitstop has an 8-year lease to November 2032 with 2 further 5-year options, currently bringing $93,019pa plus GST net.
Shop 5, 38 Hall Street, Moonee Ponds
An investor paid around $750,000 for the strata-titled shop with 3 on-title car parks.
168-174 Dorcas Street, South Melbourne
A land banking investor acquired the 1,077sqm 2-level building with additional basement parking, on a 694sqm Commercial 2-zoned site, for $5.51 million. The ground floor is leased to CDS Worldwide Pty Ltd.
383 Johnston Street, Abbotsford
The 2-level 681sqm office building on 693sqm of land with rear parking for 12 vehicles sold for $3 million.
19 Hewitt Street, Cheltenham
A national owner-occupier purchaser acquired the 4,000sqm office and warehouse facility on 12,300sqm of land for $14.75 million.
20-26 Stubbs Street, Kensington
Advanced Vetcare will relocate and expand its emergency veterinary business after acquiring the 3,000sqm warehouse and office building on a dual-fronted 4,000sqm site for around $11.67 million.
2/17 Churchill Street, Williamstown
The 258sqm office and warehouse unit with 3 car spaces sold for $925,000. It has a 2+2+2-year lease returning $36,300pa including GST.
11/173-181 Rooks Road, Vermont
Offered vacant, the 425sqm office and warehouse unit sold for $1.35 million.
31 Salvator Drive, Campbellfield
The 1,356sqm site sold for $1.3 million.
11/350 Settlement Road, Thomastown
The 234sqm office and warehouse unit sold for $725,000.
4 Nizam Court, Wantirna
The 0.61ha site with endorsed plans for 11 townhouses sold for $4.625 million.
With Melbourne heaving during an AFL finals series in September, a 6-level, 100% leased CBD trophy freehold anchored by an ASX-listed tenant will be going under the hammer.
Fitzroys’ Lewis Waddell, Mark Talbot and Ben Liu are marketing 370 Little Bourke Street, known as Niagara House, for sale with the auction slated for Thursday, 18 September at 1pm on-site.
Expectations are of $8.5 million-plus for the generational opportunity, with the campaign marking the first time in 27 years it has been offered for sale.
The fully-leased property comprises 1,330sqm of building area, with major outdoor gear retailer MacPac, a subsidiary of ASX-listed Super Retail Group, occupying the ground and basement levels, with four levels of offices above. It returns a total rent of approximately $550,000 per annum and GST, providing scope for short-term rental uplift. MacPac pays a net rent including land tax as part of its lease agreement.
On a unique triple-fronted, Capital City 1-zoned 329sqm site, the property is surrounded by Niagara Lane and Warburton Alley with combined street boundaries of 87.89m, and is located just a few metres away from the famous Hardware Lane hospitality and dining precinct, and the 24/7 Bourke Square Car Park, which has nearly 300 parking spaces.
“This is an outstanding opportunity to acquire a fully leased freehold investment located in the retail core of Melbourne's CBD, with potential for rental uplift and repositioning,” Talbot said.
“Melbourne’s CBD is seeing hospitality resurgence and this property is ideally placed to capture the buzzing crowds that have returned to the city.
“Investors and owner-occupiers will note this part of the city generates pedestrian traffic day and night from workers, residents and tourists, with Hardware Lane offering one of the CBD’s best dining and nightlife experiences.”
Talbot said a booming night-time economy, world-famous roll call of events, the return to the office and the upcoming completion of the Metro Tunnel are all fueling the retail and hospitality rebound in the CBD.
According to Fitzroys’ latest edition of Walk the CBD, vacancies 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% 2 years ago. 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.
Waddell said, “This outstanding freehold provides investors and long-term owner-occupiers with the exceptional flexibility to
further value-add, part occupy or reposition part or all of the property, while each level is already strata-titled, allowing for future selldown options.”
“We’re expecting broad interest from the market given the array of potential outcomes for the property.”
Liu noted that the property is highly accessible, close to Melbourne Central station, multiple tram routes along Bourke, Collins, Elizabeth and Swanston streets, and bus routes along Queen Street.
Permit-Approved Corner Development Site in Thriving Eastern Growth Corridor
A significant strategic corner landholding at the gateway to the Box Hill CBD with newly-approved plans for 29 apartments has hit the market.
Fitzroys’ Chris James and Ben Liu, in conjunction with Shawn Luo of Property Times, are marketing the 1,595sqm site at 771-773 Whitehorse Road, Mont Albert. The Expressions of Interest Campaign closes Wednesday, 10 September at 3pm.
Interest is expected at around $5 million.
The site is offered with a fresh permit for a five-level development plus basement with 29 large-format apartments and a net saleable area of 3,020sqm.
Existing improvements comprise 5 fully-leased separately-titled units returning a combined circa $10,000 per month.
“This property enjoys the best of both worlds, being located at the gateway of the bustling Box Hill CBD, whilst retaining a quiet neighbourhood feel amongst suburban tree-lined streets with local parks, eateries and public transport nearby,” James said.
“We’re anticipating interest from local developers and those seeking good value.”
Liu said the property is close to one of Melbourne’s most rounded suburban offerings of hospitality, lifestyle and accessibility, featuring Box Hill Central shopping centre, Box Hill train station, the Route 109 tram on the doorstep, hospitals, and education institutions.
“Melburnians are increasingly looking for places to live, work and play and this location offers incredible opportunities,” he said.
“Box Hill has been booming and there is clearly demand for development product here.”
The rectangular site configuration offers efficiency in design and construction and is ideal for immediate development.
Developers can immediately move to make their mark on this location, or can assess their plans for the site whilst receiving a solid income from the fully-leased apartments.
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.