50 Titan Drive, Clyde North
A private investor paid $18.65 million on a 5.63% yield for the newly developed Meridian Village Lifestyle Centre. Occupants of the fully leased 2,275sqm centre include Australia Post, Supercheap Auto, Petbarn, Jaycar, Nutrition Warehouse and a dog wash kiosk. It has 85 on-site car spaces and is on an 8,047sqm site within the $1 billion Meridian Estate master-planned community.
63 Church Street, Brighton
Sydney-based fashion label Carla Zampatti paid $5.8 million for the 300sqm shop, most recently occupied by Accent Group-owned Nude Lucy. The vendor was the Munro family, owner of the Munro Footwear Group.
105-109 Ocean Beach Road, Sorrento
An investor paid $4.3 million for the 303sqm dual-tenanted property, which is on 628sqm of Commercial 1-zoned land with 18m of frontage. Liquor retailer Thirsty Camel has a renewed lease to 2030 with a 5-year option, and national clothing brand Ghanda has a lease to 2030 with no further options.
461 Glenferrie Road, Kooyong
Offered for the first time in over 80 years, the 200sqm building, on a 261sqm triple-fronted Commercial 1-zoned corner site, sold to an owner-occupier for $1.901 million.
122 Radnor Drive, Deer Park
An investor paid $12.25 million for the 4,184sqm high-clearance warehouse and office facility on 10,475sqm of land. It has a lease to national operator Global Industrial.
3A The Crossway, Campbellfield
Offered with vacant possession, the 355sqm warehouse with first-floor offices and boardroom sold for $830,000. It is on a 430sqm Industrial 1-zoned site with 3 car spaces.
Unit 1B/14-16 Bond Street, Mordialloc
The new 553sqm office/warehouse unit sold for $1.495 million.
3-5 Wylies Lane, North Melbourne
Offered vacant, the 117sqm warehouse on 152sqm of Mixed Use-zoned land with 2 car spaces sold for $990,000.
39 Kent Street, Ascot Vale
The 24-unit block of flats on 1,315sqm of land sold for $7.032 million.
95 Donald Street, Brunswick
An investor paid $3.11 million for the block of 10 flats on a 577sqm site.
51-53 Geelong Road, Torquay
A Queensland-based investor paid $9.25 million on a 6.38% yield for the Torquay Medical Complex. The 1,010sqm purpose-built complex is leased to Kieser, Surf Coast Hearing and ProFeet Footwear for a combined net rent of $590,208pa plus GST and a weighted average lease expiry (WALE) of 9.38 years. It is on 1,463sqm of land with 19 car parks.
Chapel Street Sale 170 Years in the Making
A strong sale result 170 years in the making has been achieved on Chapel Street, after a campaign that saw investors, developers and value-add buyers show their faith in the future of the famous shopping strip.
Fitzroys Lewis Waddell and David Bourke, in conjunction with Peter Lane of Lane Commercial, sold 259-261 Chapel Street, Prahran on a tight 4.9% yield.
The property was sold on behalf of the historic Prahran Mechanics Institute, now known as the PMI Victorian History Library Inc., who had owned the property since the 1850s.
Some 70 enquiries were generated during the campaign. The purchaser is a local buyer looking to hold the property long-term and take advantage of future rental upside.
On 366sqm with Activity Centre zoning, the property features a 15m street frontage to the major shopping strip, and is leased to 3 tenants in underwear, swimwear and sportswear retailer DailyJocks, Connection Perfumes + Gifts, and Bennett’s boxing gym.
“Buyers recognised this as a genuine never-before-offered chance for them to make their mark on Chapel Street,” Waddell said.
“The offering presented a fully-leased dominant building with 3 income streams, a dominant frontage, and future development potential given the size of the site and rear access.
“Investors, developers and value-add buyers all showed interest in big numbers, in a great show of faith in the future of Australia’s most famous high street.
“In our ongoing dialogue with buyers throughout the campaign, the feedback we consistently received is that Chapel Street has a huge future ahead.
“Buyers with a long-term view are seeing value in Chapel Street given the massive influx of investment in and around the strip, translating into excellent prospects for rental growth.
“Chapel Street is 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,” Waddell added.
Bourke noted myriad projects on and around Chapel Street are in motion, 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 just had expanded plans for a now 13-level retail and commercial building approved, 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. This section of Chapel Street is already 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.
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.
Cheltenham Funeral Home Sells on sharp 4.1% yield
A local land banker has secured an ultra-rare Cheltenham Activity Centre opportunity encompassing 2 sites leased to one of Australia’s most respected businesses.
Fitzroys Tom Fisher and David Bourke sold 147-149 & 153 Park Road for $3.757 million, on a sharp 4.1% yield, on behalf of a private family who had owned the properties for 30 years.
The 2 sites are occupied by Tobin Brothers - Australia’s largest independent and family-owned funeral business - on a 5-year lease running to June 2029 with no further option.
The land parcels comprise a combined land area of 1,972sqm and are in a high-profile position opposite the recently revamped Cheltenham Train Station, just metres from the popular Charman Road shopping strip, and are also close to Southland shopping centre.
“Our competitive EOI process generated 5 registrations after a large volume of enquiries from investors, land bankers, future developers and future occupiers,” Fisher said.
“These properties have accommodated a funeral home for a long time, and investors recognised the strength of both the tenant and the established and growing location.”
Bourke said, “Developers and land bankers were attracted to the site’s favourable Activity Centre zoning, its positioning amongst a strong shopping, hospitality and lifestyle offering, and the area’s strong projected population growth.”
Cheltenham’s population is forecast to surge by more than 38% in the next 2 decades, according to research house Informed Decisions, on the back of intensive residential and commercial development in the area
“We have a number of active buyers who missed out on this offering and are very keen to be part of the Cheltenham growth story.” Bourke said.
Medical and childcare centre operators were also among the enquiry given the location offers conducive demographics, he added.
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.