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.