418-420 Bourke Street, Melbourne
A local investor bought the 4-storey 417sqm building on a 168sqm site for $5 million. The ground floor has a lease to menswear label Peter Jackson with no options.
59 Hallam Road, Hampton Park
An investor paid $4.714 million for the 2,056sqm property, home to a McDonald’s drive-through restaurant. It has a 20-year lease to 2043 that returns around $131,000pa. The vendor was a family-run investment group.
1-3 Droop Street, Footscray
The 471sqm Activity Centre-zoned property sold for $1.675 million. It comprises 2 buildings that were offered with vacant possession, and has 1 car space.
354 Smith Street, Collingwood
A private investor bought the 181sqm property, home to Korean BBQ restaurant Belly-Q for $1.18 million. The current 5-year lease returns $61,688.50pa plus outgoings and GST.
18 Main Street, Pakenham
The 418sqm building on an 872sqm site with 11 on-site car parks sold for $1.51 million, with passing income of $150,090pa.
7 Mill Street, Mooroopna
The 1,830sqm showroom and warehouse building on 3,767sqm of Commercial 1-zoned land sold for $1.953 million. Mooroopna Hardware has a 10-year lease to June 2033 plus 2 options to 2043, currently returning $127,371pa plus GST net.
5 Catalina Drive, Tullamarine
The 450sqm office and warehouse with 5 car parks on a 453sqm Commercial 2-zoned site sold for $1.251 million.
49 Albermarle Street, Williamstown North
The 865sqm office and warehouse facility on 1,015sqm of land was leased at $115,000pa.
7-9 Clow Street, Dandenong
A local developer paid $1.675 million for the 764sqm site, which has a 22m frontage and is zoned Comprehensive Development Zone – Schedule 2.
9 Merz Street, Lucas
A Victorian investor bought the property, home to the Lucas Veterinary Clinic, for $1.57 million on a 5.33% yield.
845-851 Whitehorse Road, Box Hill
Hong Kong-based childcare chain Cosmic Education Group leased the 95-place centre in a 20-year deal at $438,000pa, or $4,600 per place.
Freeholds Sold Before Auction Amid South Yarra Regeneration
Two Chapel Street, South Yarra freeholds have been sold prior to auction after the sales campaign generated a knockout offer amid a regeneration phase for the famous strip.
Fitzroys’ Chris James and Lewis Waddell sold 467 and 469 Chapel Street, South Yarraon behalf of private development and investment group Sterling Global.
The properties were sold together for $3.2 million, reflecting a high land rate of circa $10,000/sqm.
Number 467 sold with vacant possession, and number 469 sold on a tight yield of 4.4%, with a lease to Portuguese jewellery and homewares retailer and café Gold Over Blue.
“We received broad interest from the market, including from occupiers, investors, family offices and developers. A local buyer purchased the properties to hold as a long-term investment,” James said.
The properties are located just across from the $3.75 billion Jam Factory redevelopment, which is set to reshape famous Chapel Street, South Yarra via the delivery of new commercial, retail and hospitality space, 886 apartments, two hotels and a new cinema complex.
“The buyer is taking a long-term view as the suburb moves through the next phase of a generational development boom, with the sizeable increase in local residents, office workers, shoppers and tourists to the immediate area expected to provide a huge boost activity and trade on the strip.
Surrounding projects in the pipeline also include Greystar’s build-to-rent project in the Forest Hill precinct, Oreana Group’s South Yarra Square redevelopment, and V-Leader’s retail and office project on the former Hotel Claremont site.
“The buyer was also attracted to the underlying land value of the properties and the potential to combine the sites in the future,” James said.
They are in a high foot traffic position near an array of renowned national and independent traders including Rustica, Declic, Scanlan Theodore, Kookai, D-Spa, Decjuba, M.J. Bale, Peter Alexander and more.
Waddell said, “The confidence of the purchaser to make a knockout offer before the auction shows more buoyancy in the market as rate reductions have been announced.
“We continue to see buyers compete strongly for well-located, highly accessible Melbourne shopping strip assets that offer excellent investment and trade prospects.”
Sterling Global, meanwhile, is now marketing its major lifestyle development at 623 Collins Street in the Melbourne CBD, 623 Collins State Bank House.
Value-Add Buyer Secures Flexible CBD Fringe Freehold
A value-add buyer has secured a truly generational opportunity in one of Melbourne’s most rapidly evolving areas.
Fitzroys’ Mark Talbot and Shane Mills sold 181-185 Hawke Street, West Melbourne on behalf of the Curtis family, via a successful auction campaign that marked the first time the property had been offered for sale since 1969.
The sale price of $1.34 million reflected a strong land rate of $6,767/sqm.
The property comprises a single-level office/warehouse freehold of 204sqm, with an open plan layout and high ceilings, featuring a wide frontage of 9.45m, side road roller door access, and staff amenities.
“This was a very rare chance to acquire an inner city freehold so close to the CBD with amazing flexibility, at an entry-level price,” Talbot said.
“We’re currently seeing strong interest from occupiers in particular at affordable price points.
“We ran a targeted campaign that generated in excess of 75 enquiries - from owner-occupiers as well as some investors - and led to multiple bidders competing at the auction.”
The purchaser, a local buyer, was seeking a value-add opportunity close to the CBD and intends to build a second level residential space above the existing building. They will occupy the entire building.
“This is one of Melbourne’s most rapidly evolving precincts, this property offered to chance to capture future upside as West Melbourne continues its transformation into a vibrant mixed-use neighbourhood,” Mills said.
In close proximity are the popular cafés, bars and eateries of North Melbourne, Festival Hall, Marvel Stadium, Flagstaff Gardens, and Queen Victoria Market.
“More people want to live, work and play in locations like West Melbourne, which has a front row seat to the Arden urban renewal precinct that is expected to accommodate 34,000 jobs and 15,000 residents,” Mills said.
He added that buyers were also attracted to the property’s high accessibility, close to North Melbourne station, as well as tram routes and bus routes, while key road linkages close by including Spencer Street, Dynon Road, Victoria Street and Footscray Road, providing direct access to CityLink, Docklands, the Port of Melbourne and the Western suburbs.
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.