Frankston CBD Super Site - Location, Income and Development Upside

A commanding Frankston CBD super site is on the market, in a rare offering that presents huge opportunities for investors, land bankers and developers alike.

Fitzroys’ Chris Kombi,Tom Fisher and Ben Liu are marketing 439-447 Nepean Highway & 82-88 Wells Street, Frankston on behalf of a family who accumulated the 4 titles that make up the property over the past 3 decades.

Expressions of Interest close Wednesday, 10th June at 2pm.

Expectations are of $7 million-plus.

On a commanding corner position within the absolute heart of the Frankston Activity Centre, the significant triple-fronted landholding of 2,198sqm boasts a huge combined frontage of over 140m to Nepean Highway, Wells Street and Wells Lane.

Improvements comprise 4 separate buildings totalling 2,975sqm across two levels, with rear access and on-site parking, returning a diversified passing income is $532,381 per annum plus GST (as of September 2026) from 10 separate tenancies. All 10 tenancies have street access from either Nepean Highway or Wells Street.

The property is within the highly desirable Activity Centre 1 Zone (ACZ1), which has a preferred building height of 41 metres (12 storeys), offering outstanding development upside with scope for a range of multi-level outcomes (STCA).

“This is a landmark opportunity offering exceptional size and scale to invest, land bank or develop in the core of one of Melbourne’s key activity centres,” Kombi said.

He said investors have been attracted strong passing income of the property, and the high demand from tenants for high exposure space in the heart of a busy lifestyle location.

“Land banking developers have been prominent in the enquiry, looking to develop the site in the next three to five years due its location and high-density zoning, where buildings of up to 12 levels are encouraged,” Kombi said.

“Sites of this size and scale within a key activity centres are very rarely offered to the market. It’s a fantastic chance for a developer to create a signature project in an exciting, fast-evolving part of Melbourne.”

The property is surrounded by several recently-approved development sites of 14-plus levels, including "Harbour" by Urban DC (94 apartments plus retail) and "Solene" by PACE (144 apartments plus retail), with construction having commenced on both.

Fisher noted that the population of the City of Frankston - and in particular Frankston Central - has been expanding rapidly and is forecast for further strong growth, supported by favourable planning conditions, increased infrastructure, and an increasingly dynamic lifestyle experience.

“Melburnians are wanting to live, work and play in highly-connected locations with quality lifestyle offerings,” he said.

This high profile location offers immediate access to a range of retail and recreational amenity, including Bayside Shopping Centre, Frankston Beach, Frankston Train Station, Peninsula Aquatic Recreation Centre, Kinetic Stadium, Chisholm TAFE, Frankston Hospital and more.

Liu said site offered easy access to major arterials, which together with Frankston Train Station provide direct access to the Mornington Peninsula and Melbourne’s CBD.


“Excellent connectivity to workplaces and surrounding lifestyle options has helped make Frankston a more and more attractive option for people to come and live.”

Frankston is one of the Victorian Government’s designated Activity Centres, with more intensive residential development encouraged around Frankston Train Station and the CBD.

Strong Result for South Yarra Medical Strata Investment

Buyers continue to be attracted to strata-titled and medical property investments, with a South Yarra property selling for a strong $2.9 million.

Fitzroys’ Lewis Waddell and Chris Kombi managed the sale of 6/300 Toorak Road, South Yarra on behalf of a self-managed super fund investor.

The sale price reflected a tight 5.5% yield and a high building rate of $12,500/sqm.

The property is occupied by multi-location operator MyClinic.

Multiple offers were received via the competitive Expressions of Interest. A local investor is the new owner.

Waddell said the buyer was particularly interested in the medical tenancy profile.

“The medical property asset class has demonstrated a great resilience over recent years. Investors are showing confidence in medical tenants to be able to pay their rent even amid broader headwinds due to cost-of-living pressures and interest rates.

“Well-located assets with leases to quality health and wellness operators are attracting a range of investors seeking security at a time of volatility in the residential and share markets.”

He said the purchaser was also keen on the property’s strategic location.

“There’s a real health focus through the area supporting this booming pocket of South Yarra, with the opening of The Commons Health Club, Gurner's Saint Haven taking more space within Capitol Grand, and Soak Bathhouse committing to space at the 10 River Street building close by.

“A major evolution has been taking place in the Forrest Hill precinct for a number of years, and it’s still seeing huge amounts of commercial and residential development. That has boosted the local catchment and demand for essential services.”

Kombi said a number of investors continue to be attracted to strata-titled properties.

“Land tax is not a major implication on the net return for strata-titled assets,” he said.

Kombi and Waddell recently sold the strata-titled medical asset at 36 Ryrie Street in the Geelong CBD under the hammer for $1.59 million, on a 5.6% net yield, and high building rate of $12,000/sqm.

The property is securely leased to national operator MoleMap on a brand-new long-term deal.

“In both instances, our campaigns generated local and national interest in the properties given their outstanding defensive nature, excellent positioning in busy locations, and the additional lure of attractive tax structures, ultimately leading to strong prices and tight yields,” Kombi said.