7 Victoria Avenue, Albert Park
An investor bought paid $2.2 million for the 170sqm restaurant building, on a 133sqm site. The property is leased to Misuzu’s Japanese restaurant on a 3+3 year lease.
397 Centre Road, Bentleigh
Offered for the first time in 50 years, the 186sqm property sold to a local investor for $1.925 million, on a 3.6% yield. Greek eatery St James Souvlaki has a 5+5+5-year lease.
215 Princes Highway, Beaconsfield
The 320sqm KFC restaurant building sold for $7 million. It has a brand-new lease to November 2035 with 4 further options of 10 years each, currently returning $336,630pa plus GST.
325A Nepean Highway, Frankston
A Sydney-based buyer bought the 2,948sqm fuel station site for $6.41 million, on a 5.81% yield. The property was developed and sold by Jasbe, and is occupied by China state-owned Sinopec on a brand-new 10-year lease with 3 further 5-year options.
75-85 York Street, South Melbourne
The Commercial 2-zoned 466sqm island site sold for $4 million from investment fund Terraplex. It has been leased to audio visual supplier Factory Sound for the past 30 years.
49 Nelson Place, Williamstown
An investor bought the ground floor corner property for $2.17 million. It has a 15-year lease to modern Australian restaurant Porters.
3/1895 Ballarto Road, Clyde
The 86sqm shop leased to ASX-listed Domino’s sold for $1.4 million. The pizza chain has a brand-new 10-year lease plus options to 2045, returning $64,500pa plus GST.
Suite 201, 20 Convention Centre Place, South Wharf
An investor paid $2.08 million for the office suite, which has a new 5+5-year lease returning $140,850pa. It comes with 11 off-street car parks.
9/22-26 Bald Hill Road, Pakenham
The 2-level, 308sqm office and showroom building on 468sqm of land with 4 car parks sold for $1.21 million.
272 Barkly Street, Brunswick
The 170sqm ground floor office, leased to Parliament of Victoria, sold for $1.455 million, on a 5.65% yield.
Suite 108, 270-272 Barkly Street, Brunswick
A medical owner-occupier bought the 183sqm property for $1 million.
185 Brookville Drive, Craigieburn
The 21-hectare site part of the Craigieburn North Employment Area Precinct Structure Plan and zoned Commercial 2 sold for $70 million. It is positioned directly adjacent to the future Donnybrook terminal station.
5-7 Cromwell Parade, West Footscray
The 1,850sqm office and warehouse facility with cool room storage on a 1,393sqm site sold for $2.5 million.
13 Aster Avenue, Carrum Downs
Offered with vacant possession, the 530sqm building across 2 warehouses on 1,105sqm of land sold for $1.336 million.
52 Parkhurst Drive, Knoxfield
A local investor paid $1.125 million for the 404sqm warehouse and office building, which is on 1,149sqm of land with 6 car parks. It was sold with vacant possession.
25-37 Victoria Street, Fitzroy
A joint venture between B&B Property Group’s Stephen and Ben Buxton, and PACASA’s Stefano Paciocco acquired the 1,506sqm site for circa $20 million. It has been home to the Southern School for Natural Therapies, and plans have been lodged for a 60-unit project. The Jacka Foundation was the vendor.
142 Central Parkway, Cranbourne West
A Malaysia-based investor paid $8.5 million for the 116-place Bluebird Early Learning Centre, on a 5.4% yield. The 17,40sqm centre has a new 15-year lease.
42-56 McCrae Street, Swan Hill
The 1,733sqm medical facility on a 2,023sqm Commercial 1-zoned site sold for $5.28 million, on a 6.10% yield. Victorian State Government-operated Swan Hill District Health has a 5-year lease to October 2029 with a 5-year option, returning $322,242pa plus GST.
A Toorak Treasure Sold Off-Market For Bumper Price
Melbourne’s prime shopping strip market is closing out 2025 in strong fashion, with a vacant Toorak Village freehold selling off-market for a bumper price.
Fitzroys’ Lewis Waddell and Mark Talbot sold the vacant 416 Toorak Road, Toorak property for $2.7 million, on a strong land rate of $13,500 per sqm and reflecting an indicative yield of 2.5%.
The property comprises a shop, rear storage plus garage parking with a frontage of 5.9m to Toorak Road and side and rear road access.
“It’s an extraordinary price for a single shop of around 150sqm on just 196sqm of land,” Waddell said.
“We were able to match the record sale price that this property sold for not long ago at auction.
“The price also represents one of the absolute lowest indicative yields for an investment play along Melbourne’s strips in 2025.”
Waddell said the buyer is an overseas Asian investor sourced off-market from Fitzroys’ extensive database, who will hold the property as an investment, potentially with an eye to a future value-add play.
“The buyer was attracted to the property’s strong underlying land value given its location in blue-ribbon Toorak, the excellent investment prospects of Toorak Village amid a generational period of revitalisation around the strip, and the potential to add more levels to the property in future.”
Talbot said, “The sale demonstrates the strength of blue-chip suburbs such as Toorak with high growth prospects due to surrounding developments.
“Toorak Village is one of the best examples of the renewal that’s currently being seen across Melbourne’s shopping strips. Developments along the strips are adding significantly to the immediate residential and worker populations, boosting trade prospects, and security of rent income.”
The 416 Toorak Road property is just two doors from Orchard Piper’s $120 million mixed-use project, while Vicland’s St Germain development has in recent years delivered 10,000sqm of offices, a Coles Local supermarket, and leading health and wellness club Saint Haven to the strip.
Orchard Piper is also developing a $400 million boutique apartment project moments away on the Mercedes-Benz dealership site on Carters Avenue. At 410 Toorak Road, Prime Edition is delivering a boutique residential project.
Toorak Village was also recently named by the Victorian Government as one of of the 25 new Activity Centres around transport nodes, which will be subject to new zoning controls promoting taller, higher-density buildings and streamlined planning outcomes.
According to Fitzroys’ latest edition of the Walk the Strip report, Toorak Road, Toorak recorded one of the biggest improvements in vacancies of all of Melbourne’s shopping strips over the past year, coming down from 11.0% to 7.7%.
416 Toorak Road is further supported by its proximity to Toorak train station and its position on the Route 58 tram line, both of which provide easy access to the CBD.
Fitzroys has now sold circa $7 million of property along the length of Toorak Road recently. That includes the sales of the strata-titled 525 Toorak Road, Toorak for $1.070 million, on a very high building rate of around $15,000 per sqm, and the $2.96 million sale of 125-127 Toorak Road, South Yarra.
Immaculate High-End Medical Freehold Sells For $2.65m
One of the most immaculately presented Melbourne medical and healthcare freeholds to come to the market in 2025 has transacted to a medical operator in a strong sales result.
The 88 Asling Street property in Brighton was sold by Fitzroys’ Tom Fisher and Chris Kombi for $2.65 million, on a very high building rate of circa $17,000/sqm.
Located within the highly popular Martin Street shopping and lifestyle village, the building comprises six consultation rooms and has been meticulously renovated, featuring luxury finishes throughout and state-of-the-art functionality.
It is on a 495sqm landholding with seven on-site car parks and frontages to both Asling Street and a side laneway.
“Our campaign generated interest from a range of operators, including general medical providers, cosmetic and skincare clinics, and health and wellness centres,” Kombi said.
“A medical operator ultimately won out.”
Fisher said, “The property is ideally located to service one of Melbourne’s most established and affluent catchments.”
It is just moments from the Martin Street shopping and lifestyle village, in a suburb that has a median house price of $3.195 million, presenting a catchment with high spending power.
“The location also offered easy access to major arterials in North Road, Beach Road and Nepean Highway, as well as Gardenvale train station,” Fisher added.
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.