156 Toorak Road, South Yarra
An investor bought 2-storey 158sqm hospitality building on 142sqm of land for $2.55 million, on a 4.1% yield and land rate of $18,000/sqm. Japanese restaurant Wagyu Ya has a 5+5-year lease returning $109,273pa plus outgoings and GST.
295-297 Whitehorse Road, Balwyn
A local private investor paid $7.09 million for the Peugeot car yard site at the corner of Power Street, opposite Balwyn Park. Zoned Commercial 1, the property spans 844sqm with a 3-level building of 994sqm and returns $270,000pa in rent from a lease running until the end of August 2028 with no options.
125-129 Brunswick Street, Fitzroy
A hospitality operator bought the historic 5-level pub property for $6.55 million. On 662sqm of land, the 1,649 sqm building has a 3am liquor licence for 478 patrons and was most recently the Ichi Ni Nana Izakaya restaurant.
6-10 Activity Drive, Ocean Grove
The Hungry Jack’s outlet sold for $4.65 million. Built in 2025, it has a 10-year lease plus options to 2055 and is on 1,034sqm of Commercial 2-zoned land.
35 Rose Street, Fitzroy
A NSW investor acquired the 1,011sqm fully-leased office building from the Schwartz family for $8.6 million, on a 6.1% yield. Tenants include Toby’s Estate Coffee Roasters, Clarity Health Care, Concord Music Publishing and Switchboard Victoria, for a weighted average lease expiry (WALE) of 4.6 years. The building is on a 345sqm Mixed Use-zoned site.
46 Barrie Road, Tullamarine
An investor paid $2 million on a 5.01% yield for the 814sqm office and warehouse, which is on 1,002sqm of land. Global sporting goods business SM Brands Pty Ltd has a new 4-year lease returning $100,301pa.
11 Bormar Drive, Pakenham
Zoned Industrial 1, the 1,250sqm vacant hardstand site with security-gated access sold for $900,000.
1/159 Canterbury Road, Kilsyth
The 3,317sqm industrial facility on an Industrial 1-zoned site was leased at $240,000pa.
77-81 Cardigan Street, Carlton
The block of 7 apartments sold for $2.35 million. Comprising 3 x 2-bedroom apartments and 4 x 1-bedroom units, the property is fully leased and returns around $144,383pa net.
27 Driscolls Road, Kealba
ASX and NZX-listed retirement village operator Ryman Healthcare offloaded the 6.07ha former high school site for $30.85 million. The purchaser is another ASX-listed property developer with plans for a new townhouse estate on the site.
Premium Result For City Fringe Industrial Investment
An Abbotsford office warehouse has sold for a strong price as city fringe assets continue to be in demand from investors and owner-occupiers.
The 15-17 Marine Parade property was sold by Fitzroys agents Brent Glassford and Marco Sandrin for $2.5 million, on a tight yield of 4.8%.
Located 3km 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 clear span warehouse with a 2-level office featuring a scenic outlook, as well as roller shutter door access and on-site parking, on 750sqm of Industrial 1-zoned land.
It was offered with a 3-year lease to a not-for-profit that included a break clause from March 2027.
Multiple bidders competed for the property, which sold immediately after auction. The purchaser is an investor currently located in close proximity, with an eye to potentially occupying the property in the future.
“Our campaign generated a strong level of interest from investors and potential future owner-occupiers. Melbourne city fringe assets continue to be in high demand from a broad range of buyer types,” Glassford said.
He said the market responded well to the property’s great location and flexible lease arrangement.
“Investors were further attracted to property given the ongoing demand for functional facilities in inner Melbourne locations.
“Owner-occupiers were looking for a new home in an easily accessible location that provided connectivity to the surrounding suburbs and wider Melbourne, and offered quality lifestyle amenity.”
Sandrin noted that as well as being positioned on the Yarra River, the property is close to Victoria Street’s dining and cultural precinct and the broader lifestyle and hospitality amenity of Richmond and Collingwood.
“The property is close to major arterials, including Victoria Street and Hoddle Street, as well as convenient public transport options,” he said.
“Marine Parade has also been transitioning from traditional industrial uses to a more diverse mix of creative and boutique commercial spaces that is drawing more occupiers,” he added.
Strong Competition for Suburban Office Investment
An interstate investor has swooped on a suburban Melbourne office investment that attracted strong interest from across the country.
Fitzroys’ Shane Mills and David Bourke sold 8A/486-490 Lower Heidelberg Road, Heidelberg for $2.25 million on behalf of a private investor.
Recently refurbished, the 428sqm fully self-contained office suite is laid out in a combination of open-plan areas and partitioned offices plus kitchen, bathroom and end-of-trip facilities. It occupies a corner tenancy within a fully-leased office complex, with views overlooking leafy Heidelberg Park.
There are 18 car parks on title.
“Multiple offers were received during the campaign, leading to a strong sales result that showed the continued appetite from investors around the country for Melbourne commercial properties with secure leases to strong tenants,” Mills said.
The property was offered with a renewed 3-year lease to longstanding global healthcare technology tenant of over 20 years Kestral, part of Jonas Software - a group owned by Canadian public company Constellation Software Inc. (TSX: CSU).
Bourke said the property’s location was also a key factor in the enquiry.
“The Victorian Government’s newly established Heidelberg Activity Centre will see medium-and high-density development encouraged in the immediate surrounds, boosting trade and activity as well as demand for workplaces, underpinning the asset’s investment credentials,” he said.
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.