172-176 Little Bourke Street, Melbourne
A local investor paid $6.11 million for the 321sqm Chinatown freehold, which had been held by the Louey family for 62 years. Comprising 2 levels plus basement, the property is on a 175sqm triple-fronted site and has new 5+5-year lease to Chuan Wazi Dumpling House that returns $202,362pa plus outgoings and GST.
6-10 Activity Drive, Ocean Grove
An investor paid $3.45 million on a 5.42% yield for the Reject Shop property. The 652sqm building was offered with a 6.25-year lease with a 5-year option.
Basement, 407-409 Swanston Street, Melbourne
An investor bought the 186sqm property within Druids House for $1.315 million, on a 5.93% yield. Korean restaurant Joomak has a 5+5-year lease returning $82,642pa.
246 High Street, Ashburton
An investor bought the freehold café investment for $1.45 million. The 94sqm building on 209sqm of land is leased to café Joe Frank on a 5+5-year deal returning $58,195pa plus outgoings and GST.
176 Bellair Street, Kensington
Formerly home to the White Rabbit Record Bar & Café, the 126sqm building on 164sqm of land sold for $975,000. It has indoor seating for 30 patrons and a rear courtyard with a capacity of 40, and there is a 1-bedroom apartment above.
107 Langridge Street, Collingwood
A buyer with plans to value-add and re-lease bought the 2-level, 269sqm building on a 105sqm parcel for $1.35 million.
Suite 302, 546 Collins Street, Melbourne
A local owner-occupier paid around $785,000 for the 100sqm CBD office.
411 Blackshaws Road, Altona North
The vacant 450sqm warehouse, on 1,554sqm of Industrial 3-zoned land with 8 car spaces, sold for $2.125 million.
13 Reddrop Street, Maddingley
The 817sqm office and warehouse facility on 1,672sqm of land sold for $1.8 million. It is occupied by Rossco Engineering and Sales on a 5-year lease to January 2028, which returns $103,090pa plus outgoings and GST.
12/15 Inkerman Street, St Kilda
Offered with vacant possession, the 168sqm warehouse-style space within the Neo Metro building sold for $940,000.
231 Kings Way, South Melbourne
Property developer Time & Place acquired the 4,707sqm Officeworks store site at the corner of Bank Street for circa $75 million. It has a 2,083sqm showroom, 55 on-site car parks and a total frontage of 155m. The vendor was investor Paul De Lutiis.
175-187 Sturt Street, Southbank
Ashley Williams’s Evolve Development group acquired the 2,070sqm corner site for around $20 million.
547 Bell Street, Preston
The recently refurbished former Baptcare aged care home sold for $6.5 million. The 48-room centre is on 2,637sqm of land.
Five Bidders Battle It Out To Deliver Exceptional Toorak Road, South Yarra Auction Result
Five bidders have battled it out to deliver another exceptional sales result on Toorak Road, which continues to attract huge interest from investors.
In a truly generational offering, Fitzroys’ Lewis Waddell and Ben Liu sold 156 Toorak Road, South Yarra on behalf of a family that had held the property for more than 50 years.
A local investor with long-term hold intentions emerged victorious from the fiercely contested auction.
The strong sale price of $2.55 million reflected a sharp yield of 4.1% and high land rate of $18,000/sqm.
“Our campaign generated 104 enquiries from national and international investors attracted the booming Toorak Road, South Yarra location,” Waddell said.
“There’s so much hype about the precinct around South Yarra station. It’s the busiest station outside of the Melbourne CBD and creates so much activity.
“It’s also next to the high-density Forrest Hill precinct that has brought thousands of residents to the area and added to the worker population, boosting activity, and underpinning excellent trade prospects and security of rent income.”
Also very close by are the recently-completed Claremont Hotel mixed-use development and the upcoming overhaul of South Yarra Square, further guaranteeing higher activity levels.
Liu, Head of Asian Services at Fitzroys, said, “Blue-chip locations with surrounding development such as Toorak Road, South Yarra continue to perform well, attracting huge interest from investors and achieving tight sale yields.
“In this campaign we received particularly strong interest from local and overseas Asian investors.
“Asian capital is really actively seeking assets in blue-chip locations, and notably those leased to quality hospitality tenants.
“This cohort of the market is adding considerable depth to the interest and competitive tension in our campaigns.”
The location’s high accessibility has also proven a drawcard in recent campaigns, with South Yarra station providing train services to and from the CBD and throughout Melbourne, as well as the Route 58 tram along Toorak Road, and trams running along nearby Chapel Street.
According to Fitzroys’ latest edition of the Walk the Strip report, Toorak Road, South Yarra vacancies improved over the past year from 6.3% to 5.7%, well below the Melbourne-wide average.
Fitzroys has sold a number of properties across the length of Toorak Road recently, dominating the market in this investment hotspot.
Those sales include 6/300 Toorak Road, South Yarra, leased to medical operator MyClinic and which sold on a sharp yield for a strata-titled property of 5.5% and high building rate of $12,500/sqm; and record-breaking $4.55 million sale of 456-460 Toorak Road, Toorak, which reflected net yield of just 1.5%.
They also include of 416 Toorak Road, Toorak for a bumper price of $2.7 million, on a land rate of $13,500/sqm and sharp indicative yield of 2.5%, as well as the strata-titled 525 Toorak Road, Toorak for $1.070 million, on a very high building rate of around $15,000/sqm.
Fitzroys Makes Key Promotions
Fitzroys has made several promotions across the business. The considered promotions are:
• James Lockwood – Director, Retail Leasing
• Chris James – Director, Agency
• Tom Fisher – Associate Director, Agency
• Lewis Waddell - Associate Director, Agency
• Ned Murray – Senior Manager, Agency
• Franklin Gikas – Senior Manager, Agency
• Shane Mills - Senior Manager, Agency
• Vanessa Lau – Senior Property Manager
“These promotions demonstrate the depth of the talent and quality of the people at Fitzroys,” said Director David Bourke.
“Our operatives continue to evolve with the changing commercial real estate landscape in Melbourne to provide the best possible service to our clients”.
“Our people have been delivering fantastic results, and we are proud of their achievements, which has been across different breadths of experience, and the multiple services we provide.”
“We are rewarding these achievements, as well as the impressive growth shown by our people”.
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.