125-127 Toorak Road, South Yarra
A local investor bought the adjoining shops for $2.96 million, on a 4.5% yield. They are on a 223sqm site.
416 Toorak Road, Toorak
An investor bought the 150sqm shop on 196sqm of land for $2.7 million, on an indicative yield of 2.5%.
172-210 Burwood Highway, Burwood East
Investment and fund management group Charter Hall acquired the Burwood One shopping centre for $210 million. On a 58,800sqm site, the centre is anchored by Coles, Kmart and Aldi, and has 40 specialty stores and 8 kiosks.
1110 Koo Wee Rup Road, Pakenham
A private investor paid $14 million for the 10,624.5sqm landholding, which is anchored by BP and KFC, reflecting a 5.61% yield.
123-125 Burwood Highway, Burwood East
An investor paid $5.83 million for the KFC-tenanted property. On a 2,101sqm landholding, it has a 10-year ground lease to 2033 with 2 further 10-year options.
338 Queens Parade, Fitzroy North
The 192sqm shop and dwelling on 210sqm of land sold for $1.5 million.
420 Toorak Road, Toorak
A local family occupier paid $4.4 million for the 245sqm strata office suite within Orchard Piper’s 420 Toorak Road development.
1 Albert Street, Richmond
Offered for the first time in over 26 years, the 2-level, 362sqm building on a 246sqm site with 4 undercover car parks sold for $2.702 million. The ground floor is occupied by High Line Active and the 224sqm first level is vacant.
38 Sarton Road, Clayton
Offered with vacant possession, the 7,432sqm site with a 4,714sqm warehouse, office and showroom building sold for $9 million.
6 Parsons Avenue, Springvale
Offered with vacant possession, the 2,065sqm office and warehouse facility with cool rooms and freezer sold for $5.2 million. It is on 2,485sqm of land and has 20 on-site parking spaces.
166-168 Abbotsford Street, North Melbourne
A state-wide automotive group paid $2.8 million for that 555sqm office, showroom and warehouse building, which is on as 452sqm Mixed Use corner site.
6/21-43 Merrindale Drive, Croydon South
The 463sqm office and warehouse sold for $1.7 million, with a 5+5+5-year lease from October 2023 currently returning $80,341.80pa plus outgoings and GST to X8 Sports Pty Ltd. It has 7 allocated car spaces on site.
Warehouse 11, 158 Fyans Street, South Geelong
A local investor paid $1.3 million for the 375sqm warehouse, which was offered with a lease until November 2026 with no options, returning $60,000pa net.
7/134-136 Argus Street, Cheltenham
Offered with vacant possession, the 212sqm office and warehouse unit with 3 car spaces sold for $1.050 million.
7 Greig Court, Elwood
A Sydney-based investor paid $2.405 million for the block of 6 units.
1A Bernard Street, Cheltenham
Arena REIT sold the Mayfield Early Learning Centre property for $9.87 million to an investor, on a yield of 6.23%.
80 John Street, Pakenham
An investor paid $2.35 million for the 414sqm medical clinic building. Pakenham Family Health, with 9 practitioners operating, has a lease until 1 January 2027 with a further 10-year option returning $131,763pa plus GST as of the beginning of 2026.
New Footscray Hospital Redefining Retail, Hospitality and Lifestyle Experiences at Major Institutions
The $1.5 billion new Footscray Hospital is redefining retail, hospitality and lifestyle experiences at major health and education institutions - and is transforming the local landscape in the process.
Being delivered by the Plenary Health consortium - a public private partnership of Plenary Health, the Victorian state government and Western Health - the enormous hospital is the largest health infrastructure project currently under construction in Victoria. Minister for Health, Mary-Anne Thomas this week announced the hospital will open on Wednesday, 18 February.
Fitzroys’ James Lockwood and Franklin Gikas, together with Mitchell Humphreys of Future Proof, have been managing the leasing campaign for the retail and commercial component of the project.
“Over the past decade there’s been a noticeable shift in expectations for retail, hospitality and lifestyle experiences at major health and education institutions,” Lockwood said.
“People expect higher-quality and broader offerings at hospitals when they’re looking to get a coffee or something to eat, to do some quick shopping, or for complementary health and wellness services.
“We’re seeing genuine momentum building around the Footscray Hospital precinct, which is setting a new precedent for those experiences.”
Operators who have committed to the new Footscray Hospital in deals negotiated by Fitzroys and Future Proof include:
•Continental Hospitality Group, operating the main 700sqm cafe and two satellite kiosks. The family-owned and run business has over 20 years of hospitality experience and has successful current venues at VCCC, Victorian Heart Hospital, Epworth Box Hill and NAB Docklands.
• Popular fast-casual dining offering Schnitz, which specialises in handcrafted schnitzels and has grown to 70 restaurants across Australia.
• Melbourne-based wholesome, fast and flavourful food café concept Zuppa, founded by experienced operators in the hospitality industry.
• Asian Fusion offering Alleyway Kitchen, having established a loyal following for its signature noodle dishes, rice bowls, and dumplings.
• Well-known quick-service Japanese restaurant group Shuji Sushi, which has grown to over 30 locations across Melbourne’s CBD and suburban centres since being established in 2001.
• Social enterprise café Youth Projects, a not-for-profit organisation delivering frontline support for disadvantaged young people.
“Major infrastructure projects like the new Footscray Hospital drive new economic ecosystems. They bring together healthcare, education, residential and retail, and it’s the hospitality sector that often provides the heartbeat for these communities,” Lockwood said.
Gikas said hospitality groups have moved early to secure prime sites, knowing this will be one of Melbourne’s busiest and most vibrant mixed-use destinations over the next decade.
“At Footscray Hospital there’s been huge demand from hospitality operators who recognise the long-term potential of this emerging health and education precinct. Cafés, grab-and-go food, and quality casual dining options are leading the charge.
“Hospitality operators have shifted focus to these health and education facilities as they have guaranteed foot traffic. In this case, they’re catering not just to hospital staff and visitors, but also to the area’s growing residential and student population.
“The CBD used to be the golden egg, however, there are now vibrant alternatives emerging.” Humphreys said, “The Footscray Hospital is transforming the local landscape, activating the broader Footscray area and redefining how it connects the local community.
“The hospital is creating a 24/7 economy - we’re seeing operators who want to be part of a connected, walkable neighbourhood that supports both the day and night-time economy.”
HealthSmart Pharmacy, which operates at Royal Melbourne Hospital, the Alfred Hospital, St Vincent’s, VCCC and Box Hill Hospital, has also a committed to the hospital, while Fitzroys and Future Proof have also negotiated a deal with a local operator that will see a new gym introduced to the precinct, rounding out a true lifestyle offering at what is affectionately known as the “People’s Hospital”.
Situated prominently at the intersection of Geelong Road and Ballarat Road in Melbourne’s inner west, the transformative project will be operated by Western Health and deliver more than 500 inpatient beds, including same-day, multi-day, critical care, sub-acute, drug and alcohol, and mental health services; acute facilities, including an emergency department and mental health and alcohol and other drugs hub specialist facilities; clinical support spaces to cater for patients, visitors, staff and other hospital users; and teaching, training and research spaces.
It is expected to serve nearly 15,000 additional patients annually, with an anticipated attendance of around 20,000 more individuals in the emergency department each year than the preceding hospital. The facility will also see significant growth in mental health beds and an expansion of outpatient, palliative care, and surgical services.
Victoria University is also poised to occupy a 5,000sqm education and research centre designed for health and medicine training, and which will serve as a hub for research and learning in various disciplines, including nursing, midwifery, physiotherapy, speech pathology, dietetics, biomedicine, and psychology.
The last available space is a substantial 595sqm tenancy that offers exceptional flexibility for a range of uses including showroom, office, medical or large format retail.
“The space offers a prominent, high-exposure position, making it an excellent opportunity for medical specialists, allied health providers, or wellness services that complement the surrounding healthcare uses,” Lockwood said, adding that the open layout and generous frontage also allow for showroom or brand experience concepts, such as homewares, furniture, or lifestyle operators, and is adaptable for professional office accommodation or service-based businesses.
Heavyweight Investment Sells Under the Hammer for $5.9m
A heavyweight investment with an ASX-listed tenant has sold under the hammer for $5.9 million at fiercely contested auction.
Fitzroys’ Ben Liu and Chris James, in conjunction with Gross Waddell ICR’s Glenn Ye and Danny Clark, sold Club Lime, 74-82 Maroondah Highway, Ringwood, on behalf of a private owner.
Four bidders competed for the 1,288sqm open-plan showroom with a 45m frontage, with a local investor outmuscling competition from around Melbourne and Australia.
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.
The sale price reflected a tight 5.7% yield for a strata investment.
“The campaign generated more than 100 enquiries which culminated in a heated auction. The result demonstrates the depth in the market of investors seeking stable and secure returns from well-leased, well-located real estate assets,” Liu said.
“This blue-chip asset offered 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 in the Ringwood Activity Centre, amongst other major large-format retail tenants including Supercheap Auto, PetBarn, Bunnings Warehouse, and Costco, and 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.
Investors noted that 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.
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.