Melbourne GPO, cnr Elizabeth and Bourke Streets, Melbourne
ISPT divested the Melbourne General Post Office leasehold asset for $87 million on a passing yield of 6.86% to a consortium comprising privately-owned Drivas Property Group and property investors the Dodaro family. The complex is anchored by Swedish fast fashion label H&M’s first-ever Australian store, which currently has a 10-year lease.
310 Cooper Street, Epping
The 17,200sqm Bunnings Warehouse on 39,207sqm of land sold for $49.5 million, on a 4.92% yield. The current annual passing is $2.435 million.
2 Summerhill Road, Glen Iris
Major supermarket Coles acquired the outgoing Leo’s Fine Food & Wine supermarket property for $33.25 million.
19/958 Doncaster Road, Doncaster East
Woolworths acquired its Doncaster East supermarket property for $16.35 million. The 3,213sqm supermarket building is on a Commercial 1-zoned site with 239 on-site car bays, and had a new 10-year net lease to 2036 with no options.
6/1895 Ballarto Road, Clyde
An investor paid $1.82 million for the 150sqm shop occupied by Thirsty Camel, on a 5.79% yield. The property has a new 10-year lease to November 2035 plus 2 further 5 year options, returning $105,425pa plus GST.
25 Vearings Road, Epping
Melbourne-based Andrew Sirriani’s Yale Investment Group acquired the O’Herns Logistics Park for around $275 million from Sandhurst Retail & Logistics. The 259.28ha site’s stage one build has been completed, and future plans include a 127ha nature reserve.
53 Freight Drive, Somerton
The 535sqm office and warehouse facility on a 901sqm Industrial 1-zoned site sold for $1.605 million.
16 Kennedy Street, Keilor
An interstate buyer acquired the medical centre investment, home to the Calder Clinic, for $3.43 million, on a 5.6% yield. The clinic has a 6 6-year lease on a renovated 300sqm building within a General Residential Zone.
141 Bridge Street, Port Melbourne
An investor paid $3.1 million for the vacant triple-fronted, 460sqm medical centre site.
KFC to Open Two New Inner-City Melbourne Locations
Fast food giant KFC will open up two new restaurants in crucial inner-city Melbourne locations.
The Colonel will start slinging his 11 secret herbs and spices fried chicken from a drive-through site at 294 Swan Street, Richmond, as well as at 236 Smith Street in Collingwood following respective leasing deals negotiated by Fitzroys.
The properties were leased to an experienced KFC franchisee on the expansion path.
In Richmond, KFC will be relocating on Swan Street to the ex-Red Rooster site, closer to Church Street, in a 10-year lease secured by Shane Mills and Chris James.
“The drive-through nature of the property and in this location lends itself to more vehicular traffic, while capturing more of the Swan Street buzz that comes from the surrounding Cremorne and Richmond office markets by day and the throngs of revellers and sports and events attendees by night,” Mills said.
“We generated interest from a number of drive-through operators. A big part of the reason the landlord took up the KFC proposal was the confidence in their brand,” he added.
“Fast food tenants are currently a preferred choice for landlords - they’re continuing to
perform well through the economic environment and offer excellent security of tenure.”
The Smith Street lease marks the return of the Colonel to the world-renowned lifestyle and hospitality strip. KFC will operate from the former Fonda site, also on a 10-year term.
James, who negotiated the off-market lease, said the 236 Smith Street location is across from Woolworths and is anchored by a multitude of strong afternoon and evening traders.
“Locations on Smith Street don’t come up too often and the franchisee thought this was an excellent chance to set up in a world-renowned location.”
Smith Street in recent years was named Coolest Street in the World by influential publication Time Out.
Demonstrating the broad hospitality offering on Smith Street and demand from tenants to get into the strip, Fitzroys also leased nearby 291 Smith Street to recently-opened salad specialists Crop.
Meanwhile, popular Mexican food chain Guzman y Gomez will also be opening up on Smith Street.
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 2026 Fitzroys.