245 & 251 Learmonth Road, Ballarat
A South Australian investor acquired the Motus auto dealership sites for $13.25 million, on a 6.38% yield. The 1.08ha property was offered with a weighted average lease expiry of 4.5 years and a net rental return of $845,755pa plus GST.
171 Bourke Street, Melbourne
An owner-occupier with plans to open a new Asian fusion restaurant in mid-2026 bought the 2-storey freehold of 200sqm for $3.88 million.
62-66 High Street, Wodonga
An investor paid $3.35 million on a 5% yield for the Red Rooster restaurant site of 3,051sqm. It has a renewed 10-year net lease to 2033, with 3 further 5-year options, currently returning $169,663pa plus GST.
Shop 2, 517 Flinders Lane, Melbourne
A Sydney investor paid $3 million for the 200sqm café building, on a yield of 5.7%. Long-term tenant Grain Store committed to a new 10-year lease in 2023.
2 Mill Place, Melbourne
A Sydney-based buyer acquired the 3-level property from the Poulakis family for $5.275 million. Formerly a soap factory and a meat curing warehouse, it is now home to bar Mill Place Merchants.
9, 10, 11/6-10 Tripovich Street, Brunswick
An investor paid $1,055,500 for the 105sqm property, occupied by restaurant Mamma’s Boy Trattoria on a 3-year lease returning $67,000pa, with 3 further options of 3 years each.
86-88 Learmonth Road, Wendouree
Fund manager Newmark Capital paid $8.975 million on a 7% yield for the VicRoads Testing & Inspection Centre. The 8,485sqm public use-zoned site has 4 years remaining on the lease, which is currently returning $628,000, with 2-year options.
57 Northgate Drive, Thomastown
Avari Capital Partners sold the 2.87ha site with a 13,667sqm industrial facility to a local private investor for $24 million, on a passing yield of 6.04%. The property has a weighted average lease expiry of 2.4 years and returns annual rental income of about $1.45 million from its lease to Howe Leather and Trivantage Manufacturing.
41-53 Miller Street, Epping
The mixed-use property comprising a 10,046sqm leisure centre anchored by YMCA Victoria sold for $20 million.
68 Reddish Close, Epping
A private investor bought the newly-built warehouse for $6 million plus GST. It was then leased to CGA Engineering at $300,000pa plus outgoings and GST.
59-61 Rebecca Drive, Ravenhall
Zoned Industrial 3, the 4,528sqm site – currently used for truck parking and recycling – sold for $4.050 million. It has previously been permit approved for 11 warehouses.
4 Rosedale Avenue, Glen Huntly
The block of 16 strata-titled 1-bedroom apartments on a 1,113sqm site sold for $4.45 million.
Level 1, 185-187 Boundary Road, North Melbourne
A buyer from NSW paid $5.080 million for the purpose-built medical facility, on a 7.26% yield. The 734sqm property is leased to B. Braun Avitum Australia Pty Ltd, and has 20 secure on-title car parks.
95 Canterbury Road, Heathmont
The vacant building with multiple offices and consulting rooms and on 836sqm of land sold for $950,000. There are 14 on-site car spaces.
Strong Finish to 2025 for Melbourne’s Prime Shopping Strip Investment Market
Melbourne’s prime shopping strip investment market has had a remarkably strong finish to 2025, auguring well for the selling environment in the new year.
Fitzroys has just sold more than $15 million of investments in the prime of major Melbourne shopping strips across the city, including Centre Road, Bentleigh; Toorak Road, South Yarra; Toorak Village; Victoria Avenue, Albert Park; and Lygon Street, Carlton.
Fitzroys agents Mark Talbot and Tom Fisher sold 397 Centre Road, Bentleigh on behalf of a private vendor that had held the property for 50 years.
The sale price of $1.925 million was $275,000 above the reserve, and reflected a sharp yield of 3.6% - one of the tightest seen in 2025 for a prime Melbourne shopping strip investment.
The property comprises an immaculately presented, recently refitted 186sqm ground floor hospitality area with a new, secure 5+5+5-year lease to highly regarded and highly rated Greek restaurant St James Souvlaki.
“Our campaign generated more than 80 enquiries from local and interstate investors, leading to fierce competition between 3 bidders on auction day smashing the vendor’s reserve,” Talbot said.
“The yield is one of the lowest seen in Centre Road, Bentleigh over the past few years and the strength of the result is up there with what we’d see along traditional heavyweight shopping strips Church Street, Brighton and High Street, Armadale.
Talbot said this was one of the best investment offerings in one of Melbourne’s best-performing shopping strips offered to the market this year.
“The market was impressed by the modern fit-out of the property and particularly with the location. This is the absolute prime of Centre Road, Bentleigh, with a Coles supermarket and large public car park directly to the rear, and is very tightly-held.”
Fisher noted that was the first prime offering on Centre Road, Bentleigh since the release of Fitzroys’ latest Walk the Strip report, which showed that for the first time Centre Road, Bentleigh claimed the lowest vacancy rate in Melbourne - at just 1.0%.
“Centre Road, Bentleigh’s strength has been the product of a very healthy retail offering anchored by 3 supermarkets, complemented by fashion, services, fresh food, café culture and eateries, and a great mix of national tenants and popular local operators.”
The property is surrounded by national operators including Chemist Warehouse, CBA, ANZ, Sportsgirl, Sussan, Flight Centre, Hunky Dory and more, has unique access to a public car park and Coles supermarket at the rear, and is just metres from the revamped Bentleigh train station.
“The strip continues to demonstrate the vitality of plentiful car parking, and enhanced accessibility,” Fisher said.
Fitzroys has also just sold $7 million worth of property along the length of Toorak Road. In the prime of the South Yarra section, agents Lewis Waddell, Ben Liu and David Bourke sold 125-127 Toorak Road to a local investor for $2.96 million, with the sale price reflecting a high land rate of more than $13,000/sqm and tight yield of 4.5%.
The offering comprised 2 adjoining freeholds totalling 210sqm of building area, respectively leased to V22 Dispensary and The Wellness Clinics.
“There’s currently no vacancy in this central part of Toorak Road, South Yarra,” Waddell said.
“It’s close to the high-density Forrest Hill precinct, the recently-completed Claremont Hotel mixed-use development and the upcoming overhaul of South Yarra Square, as well as South Yarra station, which together guarantee strong levels of passing foot traffic.”
Liu said, “This sale is another indication of the strength of blue-chip strips with high growth prospects due to surrounding developments.
“Toorak Road, South Yarra is an excellent example of the renewal that’s currently being seen across Melbourne’s shopping strips.”
Other recent Fitzroys sales along Toorak Road have included 416 Toorak Road, Toorak for a bumper price of $2.7 million, on a land rate of $13,500/sqm and sharp indicative yield of 2.5%, as well as the strata-titled 525 Toorak Road, Toorak for $1.070 million, on a very high building rate of around $15,000/sqm.
Waddell added that Toorak Village is also the beneficiary of a generational wave of development, and buyers had taken note. The 416 Toorak Road property is just 2 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.
Fisher and Chris Kombi also sold the 170sqm restaurant building at 7 Victoria Avenue, Albert Park for $2.2 million. On a 133sqm site, the property is leased to Misuzu’s Japanese restaurant, returning $114,546pa.
Meanwhile, on the famous dining and lifestyle strip of Lygon Street, Carlton, Fitzroys has just sold the home of ASX-listed Premier Investments’ Peter Alexander at number 271-273 for $2.3 million, and 327 Lygon Street, with a renewed 5-year lease to Carlton Eye Lab, for $1.62 million.
The 271-273 Lygon Street property was sold through Fitzroys’ Shane Mills, Liu and Bourke. Mills said the property was offered with a short-term lease, although a majority of the enquiry came from investors, not owner-occupiers.
Mills, Liu and Kombi also sold 327 Lygon Street.
“This is a very tightly held part of Melbourne and buyers recognised these as incredibly rare opportunities to invest in the prime of one of the city’s most famous lifestyle strips,” Kombi said.
“Lygon Street is really buzzing with the return to dining and nightlife in Melbourne, and will receive a further boost when full timetables begin at the brand-new Parkville Station, which has just opened within walking distance from Lygon Street as part of the Melbourne Metro Tunnel project, improving connectivity to wider metropolitan Melbourne.”
The transactions follow on from the Fitzroys sale of 279-281 Lygon Street for $1.678 million, on a high land rate of $13,115/sqm and sharp passing yield of 3.45%.
All were long-standing family assets.
Bourke said Melbourne’s prime shopping strip market had finished 2025 in remarkably strong fashion.
“There is clear confidence in the market in the reliability and prospects of well-located investment opportunities in Melbourne’s shopping strips.
“We’ve seen that confidence grow throughout 2025, making for increasingly competitive conditions in our sales campaigns.
“The result has been multiple bidders at auctions and in our expressions of interest processes, leading to benchmark sale prices.
“Buyers are back and we have a number of parties from these campaign still looking to invest capital.
“We expect to see that market momentum carry into the new year.”
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.