246 Bourke Street, Melbourne
Sydney-based Coombes Property Group has paid $154 million acquiring ISPT’s 9-level, 15,233sqm Midtown Melbourne shopping centre and office tower at the corner of Swanston Street, on a 2,787sqm site at the gateway to Bourke Street Mall. Key tenants include Telstra, HSBC, Chemist Warehouse, Daiso and W-Cosmetics, with Japanese retailer Muji to soon replace Telstra in the 3-storey Bourke Street-fronting space.
1/5 Riverland Road, Clyde
An investor paid $2.66 million on a 6.56% yield for the Grace Grocery-occupied building. The specialty supermarket, which offers Indian, Sri Lankan and broader South Asian grocery products, has a 10-year lease to October 2035 with 2 5-year options, returning $174,495pa plus GST.
715 High Street, Thornbury
Offered for the first time in nearly 40 years, the vacant 287sqm shop and dwelling on 211sqm of land sold for $1.15 million.
42 Steen Avenue, Wollert
The bottle shop property sold for $631,000, on a 5.53% yield. Duncan’s Liquor has a 5-year lease to January with 2 further 5-year options, bringing $34,869pa plus GST.
604 Hawthorn Road, Brighton East
The vacant 194sqm 2-level building on 201sqm of land sold for $1.107 million.
5-7 Ricketts Road, Mount Waverley
Offered with vacant possession, the 3,155sqm infill site sold for $5 million.
9 Westfield Street, Northcote
The 240sqm double-storey warehouse property on an Industrial 3-zoned site sold for $1.63 million.
4 Embrey Court, Pakenham
The 367sqm office and warehouse on 1,500sqm of land sold for $1.02 million. It is leased until February 2027, returning $37,812pa plus outgoings.
28 Graham Daff Boulevard, Braeside
The 753sqm office and warehouse facility was leased at $112,950pa.
300-400 Broderick Road, Lara
Building company Hickory bought the 14.49ha former waste site for around $16 million.
27 Church Street, Richmond
ASX-listed childcare centre Arena divested the vacant childcare facility for around $5 million. The 2-storey, 1,600sqm centre is on a 1,840sqm site on the corner of Baker Street.
758-760 High Street, Armadale
The 275sqm, 2-level building on 409sqm of land sold for $3.875 million. The ground floor has 5 consultations rooms, reception and amenities, and the first floor is fitted for medical and office use, with a further 5 rooms.
Flexible Melbourne City Fringe Office Warehouse Going to Auction
An Abbotsford office warehouse is headed to auction next week, presenting a rare inner city fringe opportunity for investors and owner-occupiers.
The 15-17 Marine Parade property will go under the hammer on Thursday, 4 June at 12pm through Fitzroys agents Brent Glassford and Marco Sandrin, with expectations of $2.5 million-plus.
Conveniently located just 3 kilometres from the CBD, in a riverside setting with direct access to the Yarra River and its trail network, the property comprises a 656sqm high-clearance clearspan warehouse with a two-level office featuring a scenic outlook, as well as roller shutter door access and on-site parking at the rear (accessed via a laneway), on 750sqm of Industrial 1-zoned land.
It is being offered with a 3-year lease, returning $120,000pa plus GST, which includes a break clause from March 2027.
“We’ve received a really good level of interest from investors and potential future owner-occupiers given the property’s great location and flexible lease arrangement,” Sandrin said.
“Investors have been attracted to the rarity of the city fringe offering and the not-for-profit tenancy profile, as well as the ongoing demand for functional facilities such as this in inner Melbourne locations.
“Owner-occupiers are looking for facilities in locations that are easily accessible to the surrounding suburbs and wider Melbourne, and which offer quality lifestyle amenity.”
Glassford said that as well as providing easy access to the Yarra River, the property is close to a vibrant lifestyle offering, with Victoria Street’s dining and cultural precinct within walking distance and the broader amenity of Richmond and Collingwood within easy access.
“The property benefits from strong connectivity via nearby arterial roads, including Victoria Street and Hoddle Street, as well as convenient public transport options,” he said.
“Marine Parade is also undergoing a transition from traditional industrial uses to a more diverse mix of creative and boutique commercial spaces, enhancing its appeal as a well-connected, amenity-rich business location,” he added.
Investors Buy Vacant CBD Cusp Building for $5m
A vacant 3-level building plus basement in the Melbourne CBD’s Flagstaff Gardens precinct has sold for $5 million after strong interest from a wide range of buyers.
The 448-454 La Trobe Street, West Melbourne property was sold through Fitzroys’ Chris Kombi, Chris James and Ben Liu, on behalf of Italian furniture design company UniFor.
The sale price reflected a high land rate of $14,409/sqm.
Constructed in 2006 and designed by acclaimed architectural firm Woods Bagot, the 750sqm building includes lift access, pre-cast concrete design with contemporary finishes, and triple-height void providing architectural impact and excellent natural light throughout the entire building.
“Private investors ultimately acquired the property, attracted to its contemporary light-filled design, and its prime positioning on the cusp of the Melbourne CBD’s West End, opposite Flagstaff Gardens and close to trains and multiple tram stops,” Kombi said.
“It’s a strong result considering office buildings around the CBD are becoming one of the harder asset classes to transact, due to uncertainty around tenant demand, future space requirements and new work-from-home mandates.”
James said local and national office and showroom occupiers, investors and land bankers all showed interest in the property, given its location directly opposite Flagstaff Gardens and Flagstaff train station, with a prime legal precinct address capturing high-value traffic from the Supreme Court, County Court and Magistrates Court, corporate towers, and the nearby Southern Cross train station and retail hub.
Liu noted the property is also close to the burgeoning Docklands dining scene, popular eateries and cafes along La Trobe Street, and the renowned Queen Victoria Market is moments away, all contributing to the increase in activity in the area underpinned by generational growth taking place in adjoining West Melbourne.
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.