423 Centre Road, Bentleigh
A local investor paid $1.44 million on a 3.9% yield for the 90sqm building on a 111sqm site, which is leased to Japanese eatery Taiko Sushi.
64-66 Kingsway, Glen Waverley
The double-storey, double-fronted freehold anchored by KFC and HeyTea sold for $9.39 million. The property currently returns $390,000pa plus outgoings and GST and sold with vacant level 1 spaces. It is on a 371.6sqm of Commercial 1-zoned land.
203-207 Elizabeth Street, Melbourne
A local investor paid $11.88 million for the 3-storey bluestone building. Bloomy Hair Salon and clothing store Set Studio operate from 2 of the property’s 3 shops, while the upstairs levels have been converted into 6 apartments.
29 Grey Street, Traralgon
The 1,021sqm function centre building on 1,034sqm of land sold for $2.45 million. It has a lease long-established tenant The Premiere that returns $90,000pa plus outgoings and GST.
6 Gold Street, Collingwood
A Sydney-based purchaser acquired the 5 cold shell strata floors in one line for $5.050 million.
276 Latrobe Terrace, Newtown
The 165sqm building on a 465sqm site sold for $1.075 million. Berry Street Victoria has a 5-year lease with options, currently returning $57,368pa plus outgoings and GST.
5-7 Administration Drive & 6-8 Evolution Drive, Pakenham
A first-time entrant into Victoria’s investment market acquired the 20,571sqm site with 10,960sqm of improvements for $22 million. The property has a 5-year lease.
150 Barwon Heads Road, Belmont
A local investor bought the vacant 5,747sqm site with 2,200sqm of building for $5.788 million.
8-10 Thornycroft Street, Campbellfield
The 5,900sqm Industrial 1-zoned site sold for $4.81 million.
30 Victoria Street, Brunswick East
Offered with vacant possession, the 350sqm warehouse on 405sqm of Mixed Use-zoned land with 2 car spaces sold for $1.67 million.
90 Sydney Road, Coburg
The 859sqm site sold for $1.95 million. Currently improved by a shop and dwelling, the property had previously been earmarked for a project with 38 apartments.
126-128 Corio Street, Geelong
The 323sqm corner site sold for $930,000.
23 Mason Street, Warragul
A local investor bought the strata hotel investment for $9.995 million, at $212,659/room. The property is operated as a Mercure Hotel and has a 10-year weighted average lease expiry (WALE).
66-70 Blackburn Road, Glen Waverley
An investor bought the 1,453sqm corner site home to the Melbourne Veterinary Specialist Centre for $5.32 million, on a 5.5% yield. It has new 8-year lease with 5+5-year options currently returning $292,485pa plus GST net, while a tenant-funded building extension and refurbishment is due for completion in December.
Massive Turnout for Trophy CBD Retail and Office Freehold
With Melbourne heaving during an AFL Finals series, a huge crowd turned out on a sunny September afternoon for the Fitzroys auction of a six-level, 100% leased CBD trophy freehold anchored by an ASX-listed tenant, which sold for $9.95 million.
Fitzroys’ Lewis Waddell, Mark Talbot and Ben Liu sold 370 Little Bourke Street, known as Niagara House, with the campaign marking the first time in 27 years the property had been offered for sale.
The fully-leased property comprises 1,330sqm of building area, with outdoor gear retailer MacPac, a subsidiary of ASX-listed Super Retail Group, occupying the ground and basement levels. There are four levels of offices above.The sale price reflected a sharp net yield of 3.9% - one of the tightest seen in Melbourne in 2025 - and a remarkably high land rate of $30,243 per sqm, also one of the highest seen in the city this year. The land rate easily surpassed the last Little Bourke Street sale land rate of circa $21,000 per sqm.
“Our campaign generated more than 100 enquiries from around Melbourne and Australia, and overseas, which led to competitive bidding between six parties in front of the huge crowd,” Talbot said.
“Investors from around Australia and overseas have recognised the rebound of Melbourne’s CBD. Confidence in the CBD is back and impressive, well-presented properties are in demand.
“Interestingly, interstate and offshore parties couldn’t compete with local capital. A local investor ultimately won out.
“Buyers were also attracted to the property’s strong anchor tenant and the scope for short- term rental uplift.”
On a unique triple-fronted, Capital City 1-zoned 329sqm site, the property is surrounded by Niagara Lane and Warburton Alley, 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.
Waddell said that investors and owner-occupiers noted 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.
“Melbourne’s CBD is seeing a hospitality resurgence and this property is ideally placed to capture the buzzing crowds that have returned to the city. We saw that first-hand with the huge auction turnout,” Waddell said.
Liu said the campaign generated broad interest from the market, with the property offering an array of potential outcomes.
“We had competition from investors and long-term owner-occupiers looking to value-add, part occupy or reposition. Each level is already strata-titled, allowing for future selldown options, which also attracted interest.”
He 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.
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.