Showroom 1, 1866 Princes Highway, Clayton
An interstate investor paid $5.2 million for the vacant 1,240sqm large format retail building.
376-378A Sydney Road, Brunswick
A local investor bought the 403sqm building on a 418sqm site for $2.24 million. It is occupied on the ground floor by restaurant Green Field, returning $70,000pa plus outgoings and GST, with a vacant four-bedroom residence on the first floor.
1/200-208 Boundary Road, Mordialloc
An investor bought the 600sqm large format retail investment occupied by 99 Bikes for $2.13 million, on a 5.92% yield. 99 Bikes has a 3-year lease to 2028 with 4 further 3-year options, currently returning $126,024pa plus GST.
33 Portman Street, Oakleigh
An investor paid $1.76 million for the 110sqm building on 160sqm of land. The property has a recently renewed 5-year net lease returning $76,260pa plus outgoings and GST.
13 Somerset Place, Melbourne
A local investor paid $1.52 million on a 5.21% yield for the 148sqm laneway building, which is occupied by global fashion label Comme des Garçons on a 3+5-year deal returning $79,706pa plus outgoings and GST.
556-558 Glenferrie Road, Hawthorn
A local investor bought the corner office freehold for $2.45 million, on a 3.8% yield.
3-7 Hamilton Street, Mont Albert
The fully leased 3,508sqm office building sold for $24.5 million. The rental return is $1.75 million per annum.
81 Patch Circuit, Laverton North
The 1,331sqm office and warehouse facility on 2,141sqm of land sold for $4.775 million.
11 Holloway Drive, Bayswater
An investor bought the 1,143sqm office and warehouse facility, on 1,500sqm of Industrial 1-zoned land with 11 car spaces, for $2.75 million on a 5.09% yield. It is leased to 80-year-old business Brice Australia on a newly renewed 3+3-year deal, returning $140,000pa net.
18-24 Baillie Street, North Melbourne
The 365sqm brick warehouse on a 385sqm site with dual street frontages sold for $2.7 million.
75 Barwon Terrace, South Geelong
Offered with vacant the possession, the 430sqm shed on 1,986sqm of land sold to a local owner-occupier for $1.95 million.
55 Keele Street, Collingwood
A not-for-profit bought the 243sqm warehouse, which is on a 243sqm site at the corner of Budd Street, for $1.36 million.
2 Ross Street, Heatherton
Billionaire logistics magnate Lindsay Fox acquired the 18-hole Capital Golf Course site from US private equity giant Blackstone’s Crown Resorts for around $100 million.
257 Heaths Road, Werribee
A Melbourne purchaser paid $2.65 million for the 481sqm medical building, which is on 1,020sqm of land with 15 car parks. It has a new 7-year lease to ASX-listed Sonic Healthcare, trading as a Melbourne Pathology Supercentre, returning $121,000pa net plus outgoings and GST.
Gorman Expands in Prime Swanston Street Spot
Iconic fashion label Gorman is expanding its Melbourne CBD shop in a crucial part of major thoroughfare Swanston Street, as the city’s retail rebound continues apace.
Fitzroys’ James Lockwood and Franklin Gikas negotiated the lease of the 459sqm tenancy at Shops 1, 2 and 3, 137 Swanston Street.
In one of the most notable CBD retail deals of 2025, the secure 5+5-year lease was struck at $641,000 per annum net with fixed 4% annual increases.
“Gorman were in Shops 1 and 2 of 137 Swanston Street and jumped on the opportunity to secure Shop 3,” Lockwood said.
Lockwood said the space is located in the crucial stretch of Swanston Street between Collins Street and Bourke Street.
“This part of the CBD draws constant pedestrian traffic from workers, residents and tourists across all hours,” he said.
“It’s such a positive to have an iconic tenant in one of the city’s prime retail spots make the decision to boost their CBD footprint.
“The deal is another clear indicator of the retail and hospitality rebound that’s taking place in the Melbourne CBD, on the back of a booming night-time economy, world-famous roll call of events, the return to the office and the upcoming completion of the Metro Tunnel.
“This section of the city is really buzzing. Swanston Street vacancies have come down to just 2.6% and the new Town Hall Metro Tunnel station will open across the road in the coming months, while around the corner TK Maxx has just opened its biggest CBD flagship store and Mecca has opened on Bourke Street Mall.”
According to Fitzroys’ latest edition of Walk the CBD, retail vacancies across the city 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% two years ago. Swanston Street has been one of the city’s best performers in that time, and recorded the lowest vacancy rate of the key shopping, hospitality and lifestyle precincts.
Gikas said, “The Metro Tunnel has taken some key parts Swanston Street out of action for a long time, but these are set to transform nearly overnight from construction sites to hives of activity that retailers will really be able to thrive off.
He added, “The new Gorman space is in the heart of the CBD action and in one of the most accessible locations in Melbourne - it’s close to multiple train stations, at the soon-to-open Town Hall Metro Tunnel station and Flinders Street, as well as tram routes along Swanston, Bourke, and Collins streets,” Gikas added.
Gorman was founded and created by designer Lisa Gorman in 1999 and became known for its vibrant colours, patterning and prints. It has been described as a “cultural phenomenon” and boasts an extensive social media following across multiple platforms. The brand was acquired by Factory X in 2010.
Mornington Warehouse Sells Via Hotly Contested Auction
A Mornington warehouse has sold for $1.35 million at a hotly contested auction, as demand rises for assets in the locale’s commercial and industrial precinct.
Fitzroys’ Tom Fisherand Chris Kombi sold 28 Watt Road, Mornington, on behalf of a private owner.
Offered with a short-term lease profile, the property comprises 400sqm of building area across a 2-level office and warehouse and an additional rear storage facility, on an 848sqm Industrial 3-zoned site with an 18.1m frontage Watt Road. There are dual entry points and high clearance access to the warehouse.
Four bidders competed at the auction following strong enquiry generated throughout the campaign, which saw interest coming predominantly from a mix of owner-occupiers and land bankers.
An owner-occupier won out on the day.
“The property’s high profile position, its rare larger landholding with future upside, dual access points and multiple on-site car parks were all appealing to buyers,” Fisher said.
“The Mornington commercial and industrial precinct is becoming very sought-after. There are numerous developments nearby and there’s growing demand in the surrounding residential catchment from permanent residents now, in addition to the holiday-goers, which is boosting activity in the area.”
Kombi said the Victorian industrial market had continued to see high levels of demand for functional warehouses throughout 2025.
“Owner-occupiers have been particularly active in this part of the market this year,” he said.
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.