88 Chapel Street, Windsor
An investor paid $3.35 million for the 367sqm building, on a 323sqm Activity Centre-zoned site. The property is occupied by an architectural firm on a triple net lease returning $210,575pa plus outgoings and GST.
10 Stutt Avenue, Doncaster
The 2-level 429sqm building on 413sqm of land with a 12.16m frontage sold for $2.41 million. It was offered with a month-to-month lease to long-term tenant FIT Tone Health & Fitness Studio on level 1.
17 Hall Street, Newport
An investor bought the 350sqm dual-tenanted building for $1.65 million, on a 5.11% yield. It returns a combined $88,000pa and is on a 382sqm Commercial 1-zoned site.
31 May Road, Lalor
An investor paid $1.025 million for the 185sqm retail building, which is on a 259sqm site. The property has a lease running to February 2030 with a 5-year option, returning $43,045pa.
Shops 6, 8 and 9, 480 Collins Street, Melbourne
The 3 food court shops were bought by 3 separate investors for $775,000, on a yield of 6.84%; for $1.005 million at 7.01%; and $844,888 at 6.92% respectively.
347-351 Burwood Highway, Forest Hill
The 2.62ha site sold for $36.6 million. The property is improved by 2 fully leased buildings of a combined 10,589sqm, a childcare centre and 3-level, 721-bay car park. The average lease term is 4.47 years and rent is $3.37 million per annum.
227-229 Abbotsford Street, North Melbourne
An interstate buyer purchased the 2-level, 471sqm building on a 245sqm Mixed Use-zoned site for $2.52 million, on a 5.72% yield. Long-term tenant Ascot Partners has a renewed 5-year lease with 2 5-year options, returning $154,500 plus outgoing and GST.
166-170 Newlands Road, Coburg North
A local private investor paid $7.51 million for the 2,951sqm facility on 5,651sqm landholding. It is currently leased to Capital SMART Repairs with a weighted average lease expiry (WALE) of 2.7 years returning $298,313pa.
26-28 Greens Road, Dandenong South
The sitting tenant bought the 2,291sqm industrial property for $2.45 million.
6 Balrook Way, Truganina
The 1,595sqm industrial development site sold for $1,953,875.
147 Market Street, South Melbourne
The 85sqm warehouse on a 123sqm site, from where the South Melbourne Market Dim Sims were formerly produced, sold for $1.080 million. The family behind the long-running eatery was the vendor, while an owner-occupier was the purchaser.
9/15 Howleys Road, Notting Hill
An investor paid $1.070 million for the 273sqm office and warehouse unit with 4 car spaces. It is leased to Harris HMC Interiors on a 3+3-year deal beginning in May 2024, currently returning $50,960pa plus outgoings and GST.
635 Fifteenth Street, Mildura
Zoned Special Use, the 2,414sqm corner site sold for $2.1 million, with holding income until March 2026.
12-16 Miller Street, Colac
A locally-based medical practitioner acquired the property for $3.2 million. It comprises a 651sqm building on 1,913sqm of land with 21 car spaces and is opposite Colac Hospital, and sold with a 5-year lease to 2028 to Corangamite Clinic returning $241,808pa net plus outgoings and GST.
Strong Auction Result For Significant Eastern Corridor Site
Investors, land bankers and developers have competed at auction for a significant corner opportunity home to a hospitality hub in Melbourne’s eastern growth corridor.
Fitzroys’ Chris James and Ben Liu, in conjunction with Stonebridge Property Group’s Nic Hage and Ian Lam, sold 170-172 Warrandyte Road, at the corner of Dickson Crescent, for $4.050 million and on a tight net yield of 5.5%.
Encompassing 1,423sqm, with 72m of prime corner frontage with exposure to 16,000 cars passing daily, the site is improved by four versatile retail shops totalling 584sqm which are 100% leased. There is also an additional ATM licence to Armaguard.
A private investor won out on the day following a campaign that generated 70 enquiries.
“Interested parties were impressed by the size of the site, which dominates a corner parcel in the tightly-held Ringwood North shopping village,” James said.
He said the site has become a local hospitality hub, home to 4 popular and highly-rated local businesses in restaurant Julia’s - which has quickly become a sensation since its recent opening - café This Little Kitchen, ice creamery Mastika’s, and paint and sip studio Frida’s.
“Investors, including the buyer, were keen to secure a strong, diversified rental income from quality tenants, at a site which also offers future growth potential given the strong population growth forecast for the surrounds.
“We also sourced a number of enquiries from builders and developers seeking to pursue approved permits for further commercial development on the site that retain the existing tenancies, with construction able to be carried out whilst the tenants are trading.”
Ringwood North shopping village features the Ritchies IGA supermarket-anchored Ringwood North Shopping Centre, popular local and national traders, eateries and services, and significant council car parking, while Eastland Shopping Centre, Ringwood Town Square and Ringwood train station are all within two kilometres.
“Well-leased Melbourne shopping village assets with upside have traded strongly throughout the course of 2025, and we’ve consistently seen multiple bidders competing at our auctions.”
Ringwood North is an affluent suburb of Melbourne where residents earn 9% more, unemployment is 16% lower and the median house price is 52% above the Victorian average. Combined with strong forecast population growth, these are all favourable drivers of retail trade within suburban precincts.
A Heavyweight Investment - Blue-Chip Asset With ASX-Listed Tenant
A heavyweight investment with an ASX-listed tenant, located within the heart of the thriving Ringwood Activity Centre, is going to auction later this month.
Fitzroys’ Chris James and Ben Liu, in conjunction with Gross Waddell ICR’s Glenn Ye and Danny Clark, are marketing Club Lime, 74-82 Maroondah Highway, Ringwood, on behalf of a private owner. The auction is scheduled for Friday, 28 November at 12pm.
Expectations are of in excess of $5.7 million.
The property comprises an expansive 1,288sqm open-plan showroom with an ultra high-quality tenant fit-out and a large 45m frontage, and there is ample on-site car parking.
ASX-listed Viva Leisure - Australia’s second-largest fitness network, with strong future growth prospects - occupies the property, trading as Club Lime, with a new, secure triple net 10+5+5-year lease returning $337,328pa.
The tenant pays all outgoings, including land tax, and there are fixed 4% annual increases.
“We’re expecting interest from investors seeking stable and secure returns,” Liu said.
“This is a true heavyweight investment - a blue-chip asset with a secure, landlord-favourable lease structure to an ASX-listed tenant with great future prospects, in a high-exposure, high-growth location.”
James said the property is excellently positioned amongst other major large-format retail tenants including Supercheap Auto, PetBarn, Bunnings Warehouse, and Costco, the property is also in close proximity to Eastland Shopping Centre, Coles Supermarket, Aldi and busy Ringwood Train Station.
The high-exposure location has over 40,000 vehicles passing on Maroondah Highway each day.
“The high-performing tenant serves an established, affluent catchment and stands to further benefit from Ringwood’s population being forecast to surge by 39% by 2046,” Ye 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.