98-108 Hampstead Road, Maidstone
A local family has expanded its large format retail portfolio, paying $32 million for the Highpoint Lifestyle Centre. Comprising 8,072sqm of retail space across 8 tenancies – including Baby Bunting, Supercheap Auto, Salvos, 99 Bikes, Barbeques Galore, Climb & Play and an EG petrol station – the centre currently returns around $1.436 million per year in rent and is on a 1.9ha corner site with 260m of total street frontage.
257 Hampshire Road, Sunshine
The 168sqm building occupied by Vietnamese restaurant Dong Ba sold for $2.1 million. It has a 5-year lease from April 2024 with 2 additional terms of 5 years each.
18 Burwood Highway, Burwood
Offered with vacant possession, the 220sqm showroom space on 250sqm of Commercial 1-zoned land sold for $952,000.
Ground Floor, 142 Johnston Street, Fitzroy
An interstate investor bought the 292sqm property leased to the Commonwealth of Australia for $2.53 million, on a 6.90% yield. It has a renewed 3-year lease returning $176,513pa and is occupied as the electorate office of Sarah Witty MP, Member for Melbourne, with a further 3-year option.
18 Foxley Court, Derrimut
ESR REIT acquired the 22,308sqm warehouse on a 3.5ha site for $52.5 million from Centuria Property Group. The fully occupied property has a weighted average lease expiry (WALE) of 4.8 years.
8 Abbott Street, Hamilton
The 340sqm office, warehouse and conference room building on 2,498sqm of Commercial 1-zoned land with 6 car parks sold for $880,000.
Unit 11, 240 Sydney Road, Coburg
Offered with vacant possession, the 202sqm 2-level building with 4 on-title car parks sold to a local owner-occupier for $850,000.
104-108 Garsed Street, Bendigo
Zoned Mixed Use, the 1,127sqm allotment over 4 titles sold for $825,000. It is permit-approved for a multi-storey recreation facility.
201 Union Road, Surrey Hills
Selling for the first time in 71 years, the Mont Albert Medical Centre property was acquired by a local private investor for $3.125 million. The converted Victorian-style building has 270sqm of floor space and is on a 1,143sqm corner site. National medical provider ForHealth has a recently renewed 5-year lease with options to 2041.
76 McCracken Street, Kensington
St Mary’s Coptic Church acquired the church building, on a 1,288sqm site, for $2.8 million.
190 Section Road, Greenvale
Kool Beanz leased the 112-place, 826sqm childcare centre on 4,300sqm of land on a 15+10+10-year deal at $464,800pa net plus GST. Cerini Investments Pty Ltd is the landlord.
Investors Show Ongoing Confidence In Melbourne CBD
A Melbourne CBD corner property occupied by a popular hospitality operator has sold in a strong result that shows the confidence buyers continue to have in the city, as well as the ongoing investor shift from residential to commercial property.
Fitzroys’ Lewis Waddell, David Bourke and Ben Liu sold the strata-titled 302 Flinders Lane on behalf of a local vendor, after a campaign that generated 72 enquiries from local, interstate and international investors.
A local SMSF investor won out.
The sale price came in at a building rate of $10,000 per sqm and a tight 5.3% yield.
Located a few metres from Elizabeth Street, the recently refurbished 164sqm ground floor corner property was offered with a 7+5-year lease to busy Chinese restaurant North East China Family. The property features a restaurant fit-out with a commercial kitchen and mezzanine private dining areas, and has an extensive corner frontage to Flinders Lane and Staughton Alley.
“Investors were attracted to the opportunity to acquire a set-and-forget Melbourne CBD property investment with a strong tenant covenant,” Liu said.
“We’re seeing investors locally, around the country and offshore demonstrate a genuine confidence in the long-term prospects of the Melbourne CBD, which has shown a comprehensive rebound and is now really humming.”
Fitzroys’ latest Walk the CBD report shows vacancies in the CBD have come down over the past 12 months from 6.1% to 4.6% - a long-term, pre-COVID low. Hospitality, food and beverage and entertainment operators were again the driving force of enquiry and take-up, amid growing demand for eateries and dining experiences, and a visitors spending more on their CBD outings.
Flinders Lane vacancies were down to just 3.2%, according to Walk the CBD, while Elizabeth Street vacancies fell further to 5.3%. Both figures have improved dramatically year-on-year since COVID.
Bourke noted that there is a shift from investors looking at commercial property rather than residential property in light of the Government’s changes to the capital gains tax and negative gearing.
“We’re seeing a broader range and a deeper pool of investors looking at commercial property, and our sales campaign for well-leased, well-located assets are proving to be particularly competitive.”
The 302 Flinders Lane property is close to Flinders Street Station and the brand-new Town Hall Metro Station access point, and is surrounded by a diverse range of eateries including Brunetti, Pidapipo, KFC, McDonald’s, Grill’d, and a huge number more along Elizabeth Street and Flinders Lane.
The property is exceptionally well connected, situated close to the major train stations and being within the Free Tram Zone, with multiple tram routes operating along nearby Elizabeth and Flinders streets.
Waddell said investors were also attracted to the property being strata-titled.
“Strata-titled assets come with lower land tax obligations and typically higher net returns, which has become very attractive following the Federal Government’s proposed taxation changes,” he said.
“It’s been a drawcard for a range of investors in the CBD and throughout the suburbs.”
Ultra-Rare Opportunity Within Cheltenham Activity Centre
A commanding Cheltenham opportunity - delivering strong income from one of Australia’s most respected businesses in Tobin Brothers, and offering flexible zoning and huge upside - is on the market with expectations of circa $4 million.
Fitzroys’ Tom Fisher and David Bourke are marketing 147-149 & 153 Park Road together or separately on behalf of a private family who have owned the properties for 30 years.
The Expressions of Interest campaign closes on Wednesday, 26 August at 2pm.
The land parcels comprise:
• 147-149 Park Road:
Spanning 1,317sqm, the triple-fronted site has a combined frontage of over 100m to Park Road, Hall Street and Hall Lane. It has a 427sqm single-level building with a mix of open plan and partitioned accommodation together with private amenities, complemented with multiple on-site car parks.
• 153 Park Road:
The extensive 655sqm site is currently used as ancillary car parking with 22 line-marked bays.
Total return from the properties is $212,331pa plus outgoings and GST. Tobin Brothers - Australia’s largest independent and family-owned funeral business - has a 5-year lease with no option over the properties running to June 2029.
“Investors will show interest given these properties have accommodated a funeral home for a long time, reflecting the strength of both the tenant and this established and growing location,” Bourke said.
“Medical and childcare centre operators are expected to also make a play for the property given the opportunity to capture a strong rental stream from a high-quality tenant until 2029 while assessing their plans to move into a location that offers conducive demographics.”
According to research house .id, Cheltenham’s population is forecast to surge by more than 38% in the next 2 decades on the back of intensive residential and commercial development in the area, which boasts a strong shopping and hospitality offering.
“More residents and more workers in the surrounds will boost trade and activity in the area into the long-term,” Bourke added.
Fisher noted the site’s favourable Activity Centre zoning promotes a range of future uses and development outcomes (STPA).
“This is a great opportunity to land bank and develop in an established and fast-developing location that is growing in popularity,” he said.
“The high-profile position opposite the recently revamped Cheltenham Train Station, just metres from the popular Charman Road shopping strip and also close to Southland shopping centre makes this an ideal well-connected lifestyle location.
“The sites are also near Royal Melbourne and Victoria Golf Courses and Cheltenham Park, as well as bus services and Nepean Highway, a major thoroughfare providing direct access to the CBD surrounding south-east suburbs.”
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.