85 High Street, Belmont
A Croatia-based investor bought the El Jannah restaurant property for $6.5 million, on a 5.47% net yield. It comprises a 280sqm building refurbished in 2025 on 1,185sqm of Commercial 1-zoned land, with a 20-year lease to 2045 and options to 2085, returning $356,212pa.
86 Church Street, Richmond
The 807sqm 7-Eleven corner site with 179sqm of building changed hands for $3.62 million. 7-Eleven, which has been at the property for 27 years, has a 5-year lease to December 2029 with a further 5-year option that brings $179,400pa plus GST.
253 Bay Street, Port Melbourne
An local investor acquired the 215sqm former post office building for $2.45 million. Smokin’ Joe’s Pizza & Grill has a 10-year lease.
202 Warrandyte Road, Ringwood North
An investor bought the 115sqm shop for $1.137 million. It has a 5-year lease from April 2025 to Kennedy’s Deli & Fine Foods, returning $54,650pa net.
Shop 5, 38 Hall Street, Moonee Ponds
The vacant 73sqm strata-titled shop sold for $603,800 to a group with multiple Victorian retail assets.
259 William Street, Melbourne
The offices of legal firm Galbally & O’Bryan sold for about $5 million. The 4-level, 912sqm building has 668sqm of net lettable area, and the firm has a lease until the end of June.
40 Scanlon Drive, Epping
Perth-based Westbridge Funds Management is paying ASX-listed fund manager Centuria $24.5 million on a 6.38% for the 9,371sqm modern distribution centre, which is on 1.8ha of land. It is fully leased to GCP Australia, a wholly owned subsidiary of Saint Gobain and Mission Foods, and has a WALE of 4.82 years.
20 Fabio Court, Campbellfield
The 460sqm standalone warehouse on a 697sqm site sold for $1.52 million.
40 Burwood Road, Hawthorn
Sydney-based developer Abadeen paid $16.825 million for the Hawthorn headquarters of the Pharmacy Guild of Australia. The 3-level 1,954sqm building on the 1,300sqm site is set to make way for a residential project/
Specialised
36 Ryrie Street, Geelong
An investor bought the 133sqm property for $1.59 million, on a 5.6% net yield. National operator MoleMap has a brand-new 8-year lease with 2 further terms of 5 years each, returning $90,000pa plus GST. The property is on the ground floor of the Geelong Quarter mixed-use development.
Camberwell Junction Investment Sells on Tight Yield
One of the most high-profile properties in Melbourne’s inner east has sold on a tight yield.
Home to popular steakhouse The Meat & Wine Co, the strata-titled property at 482 Riversdale Road - at the corner of Burke and Camberwell Roads - sold for $4.11 million, on a 5.8% yield.
The sale was brokered through Fitzroys’ Asian Services team of Chris James and Ben Liu following a successful auction campaign, with the transaction marking the buyer’s first commercial property acquisition in Australia.
The trophy property overlooks the busy Camberwell Junction intersection of Burke Road, Camberwell Road and Riversdale Road, between the Camberwell and Hawthorn East retail, lifestyle and commercial precincts.
“It’s on a high profile corner, and this is a true landmark asset,” James said.
“The yield is pretty strong in this market, particularly for a strata-titled asset - anything under 6% is notable.
“Our campaign generated a buyer profile mix of local and offshore parties, who were keen to invest in a well-located asset with a quality tenant. The Meat & Wine Co is really well- regarded.”
The Meat & Wine Co has grown to a national steak restaurant offering - as well as a restaurant in London’s Mayfair - with the Camberwell location a high-performing flagship restaurant in its portfolio.
Seagrass Boutique, the hospitality group behind The Meat & Wine Co, was late last year acquired by Japanese dining giant Colowide in a deal worth around $122 million.
“The Colowide acquisition of Seagrass Boutique was a huge show of faith in the group’s operations as well as its prospects, and gave great confidence to the buyer of the quality of the tenancy covenant,” James said.
The steakhouse has a 5-year option with 4 further options of 5 years each.
Liu said buyers were also attracted to the growth prospects of the area, which already services one of Melbourne’s most established catchments.
“Camberwell Junction is undergoing major planning reform with significant density and large-scale projects currently underway.
“Camberwell Junction is one of the Victorian Government’s designated Activity Centres, earmarked for high-density residential developments of six to 12 storeys, with high and medium-density development in the surrounds, which are expected to bring thousands of new residents in total to the area, boosting trade and activity.”
New Record Set for Mooroolbark Retail Strip
A new record has been set for an eastern Melbourne retail strip.
Fitzroys’ Chris Kombi and Ben Liu sold 14-16 Brice Avenue, Mooroolbark under the hammer for $3.34 million, on a tight 4.85% yield.
The double-fronted 402sqm building was offered brand-new medical centre fit-out, and is on a 484sqm landholding with 12.6m of street frontage facing busy Mooroolbark train station and within the core Mooroolbark activity centre.
It has a new 10-year net lease with options through to 2050 to an experienced General Practice medical group, and there is a strategic sub-lease to publicly listed pathology provider Australian Clinical Labs.
“Fierce bidding followed a strong national marketing campaign that generated more than 100 enquiries from across Australia, delivering an outstanding price that was well above reserve, and which set a new record for Brice Avenue,” Kombi said.
“Three parties fought it out at the auction, with the successful buyer and the underbidder bot being investors from NSW.”
“Investors are seeking security at a time of volatility in the residential and share markets, and we continue to see assets in quality locations with long leases to health and wellness operators attract a range of buyers.
“In this case the purchaser was drawn to the property’s 10-year lease and essential services use, its brand-new fit-out, its location in a catchment with an ageing demographic that has a growing reliance on medical care, and positioning in a tightly held precinct and opposite a busy train station.”
Liu said the property is amongst national retailers, including a Coles supermarket, and a number of complementary healthcare and pharmacy businesses.
“Brice Avenue is the key component of Mooroolbark’s popular shopping precinct, which services an established and loyal catchment,” he said.
The sale price reflected a building rate of $8,308/sqm and land rate of $6,901/sqm.
Stonebridge Property Group’s Nic Hage, Ian Lam were the conjunctional agents, with the transaction managed by Advise Transact.
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.