75 Main Street, Greensborough
Signature Hospitality Group acquired the Greensborough Hotel for $3.5 million from the Francis family, which had held the property for 35 years. It comprises a public bar, bistro, gaming lounge, function spaces, and drive-through bottle shop and is on 1,360sqm of land.
449 Nepean Highway & 67 Wells Street, Frankston
A first-time investor bought the dual-tenanted property for $2.855 million, on a 5.06% yield. The 245sqm building is occupied by fast food operator Zambrero and local business Hairmoves, each on new 7-year leases, returning a combined net income of $149,625 plus outgoings and GST.
84 & 84A Little Malop Street, Geelong
A local investor bought the 175sqm double-shop freehold home to Hot Chicken Project for $1.55 million, on a 5.5% yield. The 5+3+3-year lease from June 2025 returns $88,188.26pa plus GST with outgoings paid by the tenant.
434 Gaffney Street, Pascoe Vale
The 114sqm single-level retail building on 249sqm of land with 4 car spaces sold with vacant possession for $850,000.
459 Little Collins Street, Melbourne
A local private investor acquired the 15-storey B-grade tower from an unlisted Lendlease fund for $36 million. The 9,912sqm office is on a 1,053sqm site with quadruple frontages. There are 13 secure basement car parks.
An investor paid $2.76 million for the brand-new freehold, offered with a 15+5+5-year head office lease to Bridgestone that returns $131,361pa plus GST. The property comprises a 548sqm warehouse and showroom with 153sqm of caged mezzanine, on a 1,435sqm landholding with 18 car parks.
2 Winki Way, Torquay
Offered with vacant possession, the 701sqm office, warehouse and showroom building on a 1,071sqm corner landholding sold to a local owner-occupier for $2.3 million. The property has on-site parking for more than 15 vehicles.
752 Pascoe Vale Road, Glenroy
Marwood Property Group acquired the 1,751sqm site for $1.6 million. The property has an 865sqm brick former telephone exchange building and was offered with a leaseback to Telstra of 3 years with a 12-month option.
139 Noble Street, Newtown
Geelong College paid close to $6 million to Geelong Grammar for Bostock House, where it is likely to expand across Noble Street from its existing senior campus. Bostock House has 965sqm of floor area, and is on a 4,109sqm site with 20 car parks.
6-12 Plantation Road, Corio
The 120-place Happy Feet Early Learning Centre sold for $5 million, on a 6.6% yield. It has a 10-year lease to 2032 with 2 further 10-year options, and is on 3,104sqm of land.
Unit 7/68-82 Hopkins Street, Footscray
An investor paid $4.77 million for the FMIG Radiology property, which is close to the new $2 billion Footscray Hospital. It is on a 674sqm Activity Centre-zoned site and has a renewed 5+5+5-year lease running to 2040, currently returning $315,526pa plus GST.
771-789 Barwon Heads Road, Armstrong Creek
The 100-place childcare centre was leased on a 15+10+10-year triple-net term at $435,000pa plus GST to All Day Long Pty Ltd.
Never-Before Offered Chapel Street Site Going To Auction
A never-before-offered site in the heart of famous Chapel Street is going to auction next month.
Fitzroys’ Lewis Waddell and David Bourke, in conjunction with Peter Lane of Lane Commercial, are marketing 259-261 Chapel Street, Prahran on behalf of the historic Prahran Mechanics Institute, now known as the PMI Victorian History Library Inc.
The on-site auction is scheduled for 1pm on Thursday, 13 August.
Interest is anticipated circa $3 million.
On 366sqm with Activity Centre zoning, the property boasts a 15m street frontage to the major shopping strip, and is fully leased to three tenants in underwear, swimwear and sportswear retailer DailyJocks, Connection Perfumes + Gifts, and Bennett’s boxing gym.
“We’re expecting strong interest from investors, developers and value-add buyers,” Waddell said.
“It’s a never-before-offered chance for a buyer to make their mark on Australia’s most famous high street.”
“This section of Chapel Street is performing well and is home to a number of high-quality businesses that drive pedestrian traffic throughout the day and into the night, including the new JB Hi-Fi, Dan Murphy’s, Rebel Sport, Coles, Lululemon, and more.”
“There are fashion labels, service retailers and hospitality operators wanting to be near these types of tenants and are anticipating upside to the strip.”
“Chapel Street has a huge future ahead - it’s undergoing a generational period of revitalisation. We’re seeing an incredible number of precinct-shaping developments take place, which will bring thousands of residents and workers to the immediacy of the strip, driving trade and activity at all hours.”
“Developers and value-add buyers will take note of the flexible, attractive Activity Centre zoning and the opportunity to add something really special to Chapel Street.”
Bourke noted that projects on and around Chapel Street are headlined by Gurner and Qualitas’ $5 billion Jam Factory redevelopment, which will deliver more than 800 apartments, luxury hotels, and 20,000sqm of retail and commercial space across five towers, with the popular cinema to be retained.
Bill McNee’s Vicland recently acquired 402-416 Chapel Street for $65 million and has preliminary plans for a 12-storey retail and commercial building, while closer to the 259-261 Chapel Street property Mario Lo Giudice’s Banco Group will soon open the Cecil Place Precinct at the former Union Bank of Australia building, bringing a new retail, hospitality and office offering.
Lane added that the Victorian Government’s newly designated Activity Centres include Chapel Street and the immediate surrounds, further encouraging high-density development in the immediate surrounds.
The vendor of 259-261 Chapel Street was established as the Prahran Mechanics’ Institute in 1854. It is a community-owned and run library, specialising in the history of Victoria and which has become a central resource for research into the state’s history.
The library, based in St Edmonds Road, Prahran, has over 70,000 items for loan, many of which are exclusive. It also provides a professional information service for members and organises educational activities including lectures, seminars and competitions to encourage and facilitate the study of history.
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.