170-172 Warrandyte Road, Ringwood North
The 1,423sqm corner site, fully leased across 4 shops with a combined area of 584sqm, sold for $4.050 million and on a net yield of 5.51%.
19, 24-38 Wilson Street, 42 Wilson Street, 25-29 Pynsent Street & 31 Pynsent Street, Horsham
A Western Australia-based investor paid $11.4 million for the Bunnings Warehouse property, on a yield of 6%. Bunnings has a brand-new 5-year lease with 3 further 5-year options returning $685,837pa plus outgoings and GST. The 9,592sqm site has a gross lettable area of 6,080sqm.
98 Bourke Street, Melbourne
An investor from Singapore bought the 3-storey, 226sqm building for $5.3 million. The building is occupied by ex-Nobu chef Doowon Lee’s SOT Dining.
19-23 Ryrie Street, Geelong
The 162sqm shop occupied by Chemist Warehouse on 714sqm of land sold for $1.25 million. Chemist Warehouse has a new 3-year lease returning $76,107pa plus outgoings and GST.
222 Nicholson Street, Footscray
The 294sqm site improved by a shop and dwelling sold for $810,000.
210 Albert Road, South Melbourne
A Melbourne investor paid about $9.5 million for the 1,700sqm, 6-level building, which is on a 700sqm site opposite turns 6 and 7 of the Albert Park Formula 1 track. It sold with the ground floor and level 2 vacant following the recent exit of The Travel Corporation.
28 Watt Road, Mornington
An owner-occupier paid $1.35 million for the 400sqm 2-level office and warehouse on an 848sqm Industrial 3-zoned site.
2 Pound Road West and 384 South Gippsland Highway, Dandenong South
Dexus sold 2 adjoining warehouses to one of the tenants, Dulux Group, for $40 million. Dulux occupies the Pound Road West property, and transport group Bowen & Pomeroy leases the South Gippsland Highway property. Combined, the asset covers 3.88ha of land and has 16,696sqm of floor space, and returns $1.68 million per annum with a 3.4-year WALE.
55-59 and 71-73 Elm Park Drive, Hoppers Crossing
The 4 lots, which have a total combined area of 10,510sqm, sold for a combined $9.2 million to 2 local owner-occupiers, an interstate owner-occupier and a local developer, respectively.
65-67 The Terrace & 6-9 Park Lane, Ocean Grove
A private local investor acquired the industrial asset comprising 8 tenancies for $6.55 million, on a yield of 5.8%.
12 Dendle Street, Grovedale
A local owner-occupier bought the 470sqm warehouse with 4 on-site car spaces for $1.57 million.
26 Hamlet Street, Cheltenham
The 380sqm office/warehouse with 4 on-site car parks within Cheltenham Quarter sold was leased at $85,000pa, or $224/sqm.
31a Yellow Brick Road, Doreen
A childcare developer paid $3.65 million for the 4,372sqm site.
38 Poath Road, Hughesdale
The vacant 1,082sqm corner allotment sold for $2.205 million.
92 Liberty Parade, Bellfield
An investor paid $1.447 million for the 705sqm site, which is occupied by Zenitas Healthcare subsidiary ACARES. The property has a 10-year lease to 2031 with 2 further 10-year options, for a current net rental return of $113,891pa.
Toorak Village Regeneration Spurs Strong Strata Result
The regeneration of Melbourne’s shopping strips continues to create competitive investment campaign conditions.
In the latest sale, a private investor bought a strata-titled Toorak Village retail property for $1.060 million, at a very high building rate of around $15,000/sqm following an auction contested by multiple bidders.
Fitzroys’ Lewis Waddell and Chris Kombi sold 525 Toorak Road, Toorak for a local family.
The 74sqm shop was offered with a 3+3-year lease to multi-store tenant Nutrition Shark. It is located at the entrance to Toorak Place, next to door to Commonwealth Bank and metres from Coles and Woolworths supermarkets.
Waddell said prime locations such as Toorak Village are underpinned by strong surrounding values and regeneration, and properties are trading well - reflected in this case by the strong sale price and tight 5.2% yield.
“Private and self-managed super fund investors were attracted to the property’s location within fast-evolving Toorak Village, rare affordable price point, yield being a strata-titled property, and low land tax obligation,” Waddell said.
“Toorak Village is witnessing a number of key developments at the moment. Following completion of the $300 million St Germain mixed-use development, attention now turns to Orchard Piper’s $150 million mixed-use project on Toorak Road, and its $400 million luxury apartment development on Carters Avenue, which will be anchored by renowned hospitality group The Lucas Collective.”
“These developments are transforming the strip, adding to the already-strong catchment and bringing additional pedestrian traffic through day and night, boosting trade, and enhancing rental prospects,” he said.
According to Fitzroys’ new Walk the Strip report, Toorak Village was one of Melbourne’s best-performing shopping strips over the past year, with vacancies coming down from 11.0% to 7.7%.
Kombi said Toorak Village also benefited from being highly accessible, with good car parking, the Route 58 tram passing through providing direct access to the CBD, and Hawksburn train station within easy walking distance.
Go-Karting Sensation Expands Across Melbourne
Go-karting and indoor entertainment centre sensation PowerPlay has furthered its expansion throughout the Melbourne market, leasing and opening from a Braybrook warehouse where it has signed a long-term deal.
Fitzroys’ Brent Glassford and Marco Sandrin negotiated the lease at 227 Ballarat Road, Braybrook, which totals 1,839sqm of building area, on a behalf of a private owner.
Glassford and Sandrin have negotiated all 3 of Powerplay’s leases in Melbourne since it expanded from Perth little more than a year ago. The venues - including at 94-98 Cochranes Road, Moorabbin, and 464-466 Mahoneys Road in Campbellfield - total more than 5,700sqm of building area.
PowerPlay’s Braybrook venue continues its exciting new concept of a 2-level go-kart track offering and eco-friendly experience with electric karts. It offers competitive racing, and hosts birthday parties and corporate groups and functions. PowerPlay also has locations in Perth’s Bibra Lake and Malaga, and Joondalup.
“PowerPlay now has south-east, north and western locations in Melbourne, each with a main road presence and access to strong supporting residential catchments and demographics,” Glassford said.
“Braybrook is at the heart of the Melbourne’s western corridor, ideally placed to capture the upside of the fast-growing region.”
Sandrin said entertainment and gaming venues continue to be active in taking up space.
“What we’ve seen in recent years is people seeking lively in-person experiences when they get away from the home or the office.”
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.