123 Smith Street, Fitzroy
A NSW-based investor paid $4.77 million for the 520sqm 3-level property on 390sqm of land with 2 car parks. Liquor retailer Blackhearts & Sparrows occupies the ground floor and level 1 of the property on a 10-year lease that returns $303,198pa plus outgoings and GST.
1B/1587 Thompsons Road, Cranbourne North
A NSW-based investor bought the Nando’s-leased property for $5.845 million, on a 5.3% yield. The 1,141sqm landholding has a new drive-through restaurant with a 15-year head office net lease to 2040 plus options to 2060, returning $319,035pa plus GST. A private developer was the vendor.
179 Russell Street, Melbourne
A local investor bought the 2-level, 180sqm CBD building on 102sqm of land for $3.925 million. The property is occupied by Jin Noodle Restaurant on a new 5+5-year lease that brings $165,600pa plus outgoings and GST net.
363-365 Bridge Road, Richmond
Belle Property Richmond acquired the 232sqm building on 270sqm of land for $1.825 million.
2/52 Rocco Drive, Scoresby
An investor bought the home of Airmaster’s Australasian headquarters for $7.5 million, on a net yield of 7.21%. The 2,700sqm office/warehouse facility underwent a $500,000 upgrade last year and is on a 5,192sqm Industrial 1-zoned site with 80 car parks. It was offered with a renewed 8-year lease to June 2033 with 3 x 5-year options to 2048, currently returning $540,750pa plus GST net.
71 Premier Drive, Campbellfield
A local business in the building products sector paid $7 million for the 2,600sqm office and warehouse facility, which is on a 3,720sqm site.
10/24 Longstaff Road, Bayswater
The 360sqm office and warehouse with mezzanine storage sold for $950,000.
9 & 10/10 Lauderdale Court, Armstrong Creek
The brand-new medical centre property sold to an investor for $1.7 million, on a 5.52% yield. It comprises a 171sqm premises over 2 titles with a 10+5+5-year lease to Ashbury Medical Centre, bringing a net income of $93,810pa plus GST.
Benchmark Result on Blue-Chip Church Street, Brighton
A benchmark auction result has been achieved on Melbourne’s premier shopping strip, Church Street, Brighton.
Fitzroys’ Mark Talbot, Tom Fisher and Ben Liu sold 36 Church Street under the hammer for $4.010 million, with the sale price reflecting a very sharp 3.9% yield.
Fierce competition from three bidders ultimately saw an investor sourced from the Fitzroys Asian Services database win out.
On a 184sqm landholding, the property comprises a high-profile 2-level building of 201sqm with a modern ground-floor retail space leased to international eyewear and optometry retailer Bailey Nelson, and separate, recently refurbished first-floor accommodation and office areas.
Bailey Nelson - which boasts 110 stores internationally - occupies the property on a secure 5+5-year head office lease from November 2024.
“Church Street, Brighton is traditionally Melbourne’s - and perhaps Australia’s - premier shopping strip, and opportunities to secure high-profile assets in the absolute prime of the strip are incredibly rare,” Talbot said.
“We received more than 60 enquiries from qualified local, national and offshore investors who were all attracted to the blue-chip status of Church Street, Brighton, the rarity of the offering, and the strong tenancy profile in a head office lease to a highly successful global operator.
“This made for one of Melbourne’s best genuine set-and-forget offerings for the year.
“We see this result as a benchmark for the market. There is evidently strength in the Melbourne strip retail market when it comes to well-located, well-leased assets, which present great investment prospects compared to the volatility of the residential and share markets.
“Confidence amongst experienced investors is positive and they are actively pursuing quality opportunities in Melbourne.”
Liu said, “The heavy interest we sourced through the Fitzroys Asian Services Desk demonstrates that the reputation of Church Street, Brighton extends far and wide.
“This cohort of the market is consistently providing added depth and competition to our campaigns.”
Fisher said the purchaser was also keen on the property’s prime location close to one of Church Street’s key anchors in Country Road.
“Church Street services one of Melbourne’s most affluent catchments and boasts a roll call of high-quality national retailers, including Country Road, Scanlan Theodore, Mecca, Kookai, ELK, Seed and Oroton, as well as all major banks, Coles and Woolworths supermarkets, and popular eateries,” he said.
Church Street, Brighton is consistently a top performer amongst Melbourne’s shopping strips, according to Fitzroys’ Walk the Strip report series, most recently recording a vacancy rate of just 1.4%.
“Importantly, this location is very accessible, with the adjacent Dendy Plaza shopping centre including excellent car parking in addition to public parking, and Middle Brighton train station and buses are close by,” Fisher said.
Church Street, Brighton is close to first-class education providers including Brighton Grammar, Firbank, and St Leonard’s, which attract huge numbers of families to the area, helping to underpin ongoing strong housing demand. Brighton is also home to popular lifestyle options, including Brighton Beach, Dendy Park, Wilson Reserve, Billilla Homestead and more.
Brighton’s median house price was a very high $3.18 million as of July 2026, according to realestate.com.au, reflecting the location’s high spending power.
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.