177-197 York Street, Sale
The full-line Ritchie’s IGA supermarket-anchored neighbourhood shopping centre sold for $6 million. It comprises a 2,823sqm building with drive-through liquor store, 4 shops and 1 office on 3,566sqm of Commercial 1-zoned land. IGA’s 10-year lease runs to September 2032 with a 10-year option, and the entire property returns a fully leased net income of $410,920pa plus GST.
40-42 Cumberland Road, Pascoe Vale
Melbourne Racing Club’s hospitality arm Pegasus Leisure Group paid $3.4 million for the Pascoe Vale RSL property and its car park across the road. The combined landholding covers 1,804sqm.
220 Lygon Street, Brunswick East
The 260sqm shop and dwelling on 190sqm of Commercial 1-zoned land sold for $1.25 million.
14/5 Riverland Road, Clyde
Occupied by I Love Dumplings Express, the fast-food property sold to an investor for $1.045 million, on a 5.79% yield. The new 10+5-year lease brings $60,525pa plus GST.
9/5 Riverland Road, Clyde
An investor bought the Eco Laundry-leased retail property for $858,000, on a 5.22% yield. Currently returning $45,775pa plus GST, it has a 10-year lease to 2035 with 2 further 5-year options.
248 Hoddle Street, Abbotsford
Bed retailer Forty Winks leased the 616sqm property for 5 years at $215,000pa
2A Hartington Street, Glenroy
The 2,628sqm 2-level office building on 1,330sqm of land opposite Glenroy Railway Station sold for $5.55 million, on an 8.29% yield. It currently returns $460,110pa in rent. There is secure parking for 40 vehicles.
163 Proximity Drive, Sunshine West
An investor acquired the 1,378sqm office and warehouse facility on 2,036sqm of Industrial 2-zoned land sold for $3.58 million. It has a 15-year lease from March 2024 with a 5-year option, returning $174,894pa plus outgoings and GST.
4/25 Agosta Drive, Laverton
The 838sqm warehouse facility on a 798sqm corner site sold for $2.2 million.
2/28-30 Bate Close, Pakenham
The 380sqm warehouse unit with 20sqm of office/showroom space sold for $865,000. It is leased until January 2029 with a rental income of $42,460pa plus outgoings and GST.
2/12 Westside Drive, Laverton North
The 815sqm office and warehouse facility on 1,330sqm of land was leased at $84,000pa.
265-269 Burke Road, Glen Iris
The 332sqm retail freehold on a 582sqm Commercial 1-zoned site sold for $1.5 million.
4 Pentlowe Street, Hoppers Crossing
The 154sqm medical building on a 575sqm site with 5 car spaces sold for $1.005 million. Tenanted by an occupational therapy clinic, it has 5 offices with 4 consulting rooms, including an X-ray room.
New Record Set on Toorak Village as Evolutionary Phase Attracts Investors
An evolutionary phase along Melbourne’s blue-ribbon shopping strips is attracting investors and leading to sale records being broken.
In the latest transaction, Fitzroys agents Mark Talbot and Lewis Waddell sold 456-460 Toorak Road, in Toorak Village, for $4.55 million at auction on behalf of the Blatt family who had owned the property for 50 years.
The sale price smashed price expectations and reflected a new record low net yield for Toorak Village of just 1.5%.
The property comprises 2 retail buildings totalling 287sqm of floor area on 354sqm of land, with an 11.5m frontage. It is occupied by long-standing tenants Flawless Rejuvenation and Suzie Mcintosh Brows, with leases set to expire late in 2027.
“We sold this to a local investor who saw the rare opportunity to capitalise on a blue-chip location’s incredible growth trajectory - he’s banking on the positive impact of future surrounding developments, anticipated increase in rents, and the uplift of the area,” Talbot said.
“This record-breaking sale and the recently concluded sale of the Saint Germain development across the road reflect the huge confidence investors have in the prospects of Toorak Village.
“Fitzroys has now sold five Toorak Road properties in the last 12 months and we have multiple bidders still actively seeking opportunities in the Village.”
Opposite the recently completed St Germain luxury commercial development, close to the Toorak Village residences and offices project on the corner of Mathoura Road, and just metres from the soon-to-be constructed One Toorak Place development, 456-460 Toorak Road also sits within one of the Victorian Government’s new Activity Centre precincts. As a major key tram, train, jobs and services hub, Toorak Village has been earmarked by the Victorian Government for intensive development of residential and mixed-use buildings of up to 12 levels on and around the strip over the coming decades.
“The Activity Centre initiative is projected to boost the existing established and affluent catchment and further support trade and activity along Toorak Village,” Waddell said.
“Toorak Village already boasts a strong shopping and hospitality offering of prestigious local and national tenants that services Melbourne’s most exclusive catchment, which has a median house price of $5.45 million.”
He added that there is excellent transport connectivity to Toorak Village, via the 58 tram operating along Toorak Road, and Toorak Railway Station being within walking distance, providing quick access to Melbourne’s CBD and the surrounding suburbs.
Over summer, Talbot and Waddell 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%. That followed the sale of the strata-titled 525 Toorak Road, Toorak for $1.070 million, on a very high building rate of around $15,000 per sqm.
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.