21 Members Drive, Doncaster
In a sale and leaseback deal, Next Generation Clubs Australia sold its 3,610sqm health and wellness facility on a 10,950sqm site to a local private investor for $24.65 million, reflecting a 6.49% yield. NextGen Clubs now has a 15-year triple-net lease until 2040 with options until 2060, currently returning $1.6 million per annum net.
575 Church Street, Cremorne
A local private investor paid $4.275 million for the vacant 408sqm double-storey building on a 217sqm corner site, with plans to refurbish and re-lease the property. It had been held in the same family for nearly 70 years.
Shop 2, 358 Canterbury Road, Surrey Hills
An interstate investor paid around $2 million for the 216sqm ground floor premises on a 6.50% yield. It comes with 8 basement car spaces and has a 5-year lease to Feel Good Pilates with multiple extension options.
4/771-789 Barwon Heads Road, Armstrong Creek
The 150sqm building leased to Bottlemart sold for $1.3 million. Bottlemart’s 10-year lease runs to June 2033 with 2 further 5-year options, and returns $62,679pa plus GST net.
104-106 Mt Alexander Road, Flemington
A local owner-occupier paid $1.25 million for the vacant 393sqm site, which has 229sqm of building area most recently used as offices.
5 Link Road, Pakenham
A national logistics company paid $9.75 million for the 3,556sqm facility with 7 roller doors, which is on 0.93ha of land with 53 car parks.
324-326 Johnston Street, Abbotsford
An architect owner-occupier bought the raw 335sqm warehouse building for around $1.46 million, or $4,356/sqm. It is on a 399sqm landholding and has a lease running to March 2026.
52-54 Tope Street, South Melbourne
A private investor bought the 155sqm single-level warehouse-style building, offered with vacant possession and zoned Commercial 2, for $1.4 million.
Unit 1C (Lot 19), 36 Hume Road, Laverton North
The 252sqm office and warehouse within the Modus Business Estate sold for $1.275 million. Luxe Haven Homes has a 5+5-year lease from April 2022.
454 Glenferrie Road, Kooyong
The Kooyong Lawn Tennis Association is paying more than $50 million for the 1.64ha parcel of land opposite its existing home. The new site is intended to be used for 10 new hard courts, a wellness centre, and netball, handball and pickleball courts.
9-13 Flintoff Street, Greensborough
Melbourne-based syndicator The Property Advisory acquired Australian Unity’s Greensborough Medical Centre and Day Hospital for $32.5 million, on a yield of 6.87%. Tenants include ASX-listed Healius, Lumus Radiology and Adora Fertility, for an annual rental return of more than $2.2 million.
Secure Childcare Investment Within Iconic Town Centre
An established, high-performing childcare real estate investment in a vibrant Melbourne town centre - and opposite the Puffing Billy Railway Station - is on the market.
Fitzroys’ Chris Kombi, Ben Liu and Tom Fisher are marketing the Twinklekids Early Learning childcare centre property at 271 Belgrave-Gembrook Road, Emerald via Expressions of Interest closing Tuesday, 28 October at 3pm.
The vendor is a private investor. Expectations are of $3.2 million-plus.
On a valuable 1,160sqm landholding with triple street frontage of over 93m, the property is improved by a quality purpose-built 60-place childcare facility of 400sqm comprising four primary rooms, kitchen, staff office and amenities, as well as front and rear outdoor play areas. There is on-site parking for multiple vehicles plus ample parking near the entrance for drop-off and pick-up.
It is offered with a brand-new, secure 10+10-year lease to a proven operator with four locations across Melbourne, returning $185,000 per annum plus outgoings and GST, with fixed annual increases providing excellent built-in rental growth.
“This is an ultra-rare opportunity to acquire a land-rich investment positioned within a tightly-held and sought-after shopping and lifestyle village,” Kombi said.
“Interest is expected to come from investors attracted to the strong fundamentals of the childcare real estate market, and the property’s new, secure lease structure and strategic location, while land bankers are expected to pursue the property given its significant landholding opposite a Victorian tourism icon, in a gateway position to the Emerald retail and lifestyle town centre.”
He said the property was strategically located in an ideal catchment with strong demand for childcare services, underpinning the site’s long-term prospects.
“This childcare centre enjoys a prime position at the gateway to Emerald’s main lifestyle and retail precinct, benefiting from proximity to daily foot traffic and local businesses, is
surrounded by a well-established community and growing cohort of young families, and is just moments from Emerald Primary School.
Fisher said the property is surrounded by unrivalled amenity including the Emerald shopping precinct - home to Woolworths and IGA supermarkets, major banks and renowned local eateries, medical services and community hubs, Emerald Lake Park, Worrell Reserve, schools and more - all supported by ample off-street parking and a walkable town layout.
“The low commercial vacancy rate in the precinct reflects strong local business performance and stable population dynamics, underpinned by long-term owner-occupiers and steady residential growth.”
The area is well-serviced by key arterial roads including Belgrave-Gembrook Road and Emerald-Monbulk Road, connecting residents to neighbouring towns, employment hubs and transport options such as nearby train stations in Belgrave and Cardinia.
Glenferrie Road, Hawthorn Investment Sells on 3.8% Yield
A Glenferrie Road, Hawthorn investment has sold at a fiercely contested auction as strong results continue to flow through Melbourne’s commercial real estate market.
Fitzroys’ Ben Liu, Chris James and David Bourke managed the auction campaign of 556-558 Glenferrie Road, Hawthorn, which sold for $2.45 million.
The sale price reflected a sharp yield of just 3.8%.
Offered for the first time in 50 years, the imposing corner freehold comprises 2 interconnected period buildings refurbished to provide boutique office accommodation, on a triple-fronted, Commercial 1-zoned site of 372sqm with on-site parking.
A local private investor adding to their portfolio was the buyer of the fully-leased property.
Liu noted that the auction was fiercely contested by four bidders.
“This is yet another really strong auction result for Melbourne’s commercial real estate market in 2025,” he said.
“We’re continuing to see a greater depth of enquiry and competitive tension in our campaigns and at our auctions as the year has progressed. There has been particular depth from private and self-managed super fund investors for these types of opportunities.”
Bourke said, “Investors are showing a clear confidence in demand for commercial space in Melbourne’s inner east.
“The region’s fast-growing office market is supported by increased residential development, flexible working arrangements, good accessibility and excellent hospitality and lifestyle amenity close by, such as the Glenferrie Road, Hawthorn retail strip.”
James noted that there are excellent transport linkages with trams operating nearby on Glenferrie and Riversdale Roads, to go with Hawthorn and Kooyong stations, as well as key roads and arterials.
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.