259-261 Chapel Street, Prahran
A local investor bought the fully leased 366sqm Activity Centre-zoned site, which has a 15m frontage, on a 4.9% yield. The property is occupied by DailyJocks, Connection Perfumes + Gifts and Bennett’s boxing gym. It was offered for sale for the first time in its history by the Prahran Mechanics' Institute, now known as the PMI Victorian History Library Inc.
345 Clarendon Street, South Melbourne
A local investor bought the vacant hospitality corner property for $2.050 million. The 428sqm 2-level building has an existing hospitality fit-out including a commercial kitchen, bar and back-of-house areas, and has a 200-patron liquor licence and 3am trading provisions. It is on a 227sqm Commercial 1-zoned site.
352-362 Lonsdale Street, Melbourne
Vintage store Top Floor Gallery is moving from Wellington Street in Collingwood to the Mitchell House building, leasing a 163sqm space at $78,000pa.
Suite 408, 488 Bourke Street, Melbourne
An owner-occupier bought the vacant 48sqm suite for $350,000, on a building rate of $7,292/sqm.
252 & 252a Ballarat Road and Units 1-4/4 Lacy Street, Braybrook
The 4,048sqm Commercial 2-zoned corner site across 6 titles sold for $8 million. It is improved by a combined 1,770sqm of building area.
236 South Gippsland Highway, Cranbourne
Offered with vacant possession, the 4,207sqm site with 927sqm of showroom and warehouse improvements sold for $5.1 million.
2 West Court, Derrimut
A national tyre collection company leased the 3,866sqm hardstand site with a 65sqm office and amenities building for 10 years, at $80/sqm net, plus outgoings and GST.
27 Gladstone Street, Moonee Ponds
The 206sqm medical and consulting building on a 580sqm site with 6 car spaces sold for $1.605 million. It has a lease to Orthokids running to July 2027 with a 3-year option, currently returning $61,903pa.
Major South Melbourne Opportunity in Coveted Blue-Chip Location
A rare offering in a coveted blue-chip location within one of Melbourne’s most in-demand commercial and residential precincts is on the market.
Fitzroys’ Chris Kombi, Tom Fisher and Mark Talbot are marketing 102 York Street, South Melbourne on behalf of a private owner who has held the property for over 30 years.
The Expressions of Interest campaign closes Thursday, 17 September at 3pm.
Price expectations are of $5 million-plus.
The property is on a Commercial 1-zoned landholding of 834sqm with a prominent 16.53m frontage to York Street and rear access from Clarendon Street, positioned between the popular Clarendon Street lifestyle strip and the famous South Melbourne Market.
It is improved by a quality 2-level office building of 776sqm with flexible floorplates, dual entrances, and 12 on-site car spaces.
“We’re expecting interest to come from owner-occupiers, developers and land banking investors, given the rarity of the offering in this blue-chip location within the heart of one of Melbourne’s fastest-evolving and most in-demand suburbs,” Kombi said.
“Vacant possession makes this offering ideal for owner-occupiers, who have the chance to acquire a quality building with 12 car spaces surrounded by excellent hospitality and lifestyle amenity, and immediately come in and make it their own.”
He said the property suits a number of uses, from office, to showroom retail, through to wellness and healthcare.
Fisher said land banking investors have the flexibility to utilise the building as a single- or dual-tenancy asset, with South Melbourne in hot demand from a range of businesses, and capture a strong rental income while assessing their options.
“A huge number of tenants are looking for a home in South Melbourne, which ticks all the boxes as a highly accessible and vibrant work and lifestyle location, and which is in line to be Melbourne’s next Cremorne.”
This sought-after precinct is bookended by the South Melbourne Market, a beloved institution which attracts over 5.5 million visitors annually, and the popular Clarendon Street shopping and lifestyle strip - which includes Coles and Woolworths supermarkets - which together with adjacent Cecil Street and Coventry street host a diverse mix of national tenants, boutique retailers, specialty stores, cafés, eateries and restaurants.
Close to Albert Park Lake and the Royal Botanic Gardens, the site enjoys proximity to Melbourne’s most iconic green spaces and cultural landmarks, including the Arts Centre, NGV, and Southbank’s entertainment precinct.
“Developers have the opportunity to create South Melbourne’s next premium residential, office and retail project. The substantial land size and favourable Commercial 1 zoning offer various developmental outcomes, and DD08 controls support high-density outcomes (STCA),” Talbot said.
The property is surrounded by an array of recently completed and under construction mixed-use developments including Emerald Place by Lowe Living (9 levels), Market Street (9 levels) and 122 Moray by Fortis (9 levels).
“Recent completed developments have all enjoyed strong take-up. More people are wanting to live, work and play in South Melbourne,” Talbot added.
South Melbourne also has a front-row seat to the evolution of the adjoining Fishermans Bend precinct - Australia’s largest urban renewal project, which is forecast to be home to around 80,000 residents by 2055.
“The huge population growth forecast for the area will underpin demand for residences, office space and retail trade in South Melbourne for years to come,” Kombi said.
Importantly to tenants, traders and residents, the area is very well-connected. Within walking distance are tram routes along Clarendon Street, Ferrars Street, Park Street and St Kilda Road, and there is easy vehicular access via Kings Way linking to Queens Road, St Kilda Road, and major arterials including CityLink, West Gate Freeway, the South Melbourne Light Rail and Monash Freeway.
Close by in South Melbourne, Fitzroys recently sold the landmark corner site at 131 Cecil Street & 304 Coventry Street, directly opposite the Market, to an investor for $17.25 million on a high land rate of $12,402 per sqm; as well as the prominent office property at 168-174 Dorcas Street to a land banking investor for $5.51 million.
$5.775m Worth of Auction Sales on Melbourne’s Premier Shopping Strip
Two Fitzroys auction sales in the space of a week totalling $5.775 million on Melbourne’s premier shopping strip have delivered benchmark results for the retail property market.
Just 7 days after Fitzroys’ Mark Talbot, Tom Fisher and Ben Liu sold 36 Church Street, Brighton under the hammer for $4.010 million - with the sale price reflecting a very sharp 3.9% yield - Talbot and Fisher sold 128 Church Street for $1.765 million, well beyond the reserve, and on a net yield of just 3.6%.
On 200sqm of land, 128 Church Street was offered with a lease until March 2029, to popular local business Foxy Nails which has been in occupation for the past 20 years.
The campaign generated 70 enquiries from a mix of investors and potential owner-occupiers, culminating in a hotly contested auction between 4 parties.
A Brighton local who will hold the property as an investment is the new owner.
“The buyer was fully aware of the calibre of the tenant, the potential to renegotiate the lease down the track, the value-add potential of the site, and the dynamics of what is widely regarded as Melbourne’s premier shopping strip,” Talbot said.
“Church Street, Brighton historically boasts very limited vacancies given its seat within one of Melbourne’s most affluent and established catchments, and roll call of high-end boutiques, national traders, supermarkets, and popular cafés and eateries.”
“These create strong trading conditions for tenants in the strip, and there’s always a long queue of businesses constantly jostling for a position.”
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%.
The attractive price level drew a number of buyers, given offerings in Church Street, Brighton are often in the order of around $4 million and above, he added.
He said, “Despite uncertainly in the residential market and changes to tax laws, investment in prime commercial property is not deterred.
“Both of these Fitzroys sales resulted in sub-4% yields, which is an outstanding result given bank deposit rates.
At 36 Church Street, Brighton, fierce competition from 3 bidders ultimately saw an investor sourced from the Fitzroys Asian Services database win out for the high-profile 2-level building, with ground-floor retail space leased to international eyewear and optometry retailer Bailey Nelson, and separate first-floor accommodation and office areas.
“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,” Talbot said.
“There is evidently strong demand locally, nationally and offshore for well-located, well-leased Melbourne strip retail assets, and investors are actively pursuing quality opportunities,” Talbot said.
Fisher noted that 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.
Fisher added that the 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.
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.