6-8 Lyall Road, Berwick
A group of investors including property veteran Max Beck has backed fund manager Wizel Invest’s $26.115 million acquisition of Berwick Marketplace shopping centre, on an initial yield of 6.32%. The 4,647sqm neighbourhood shopping centre sits on 6,528sqm of land and is anchored by Woolworths (on a 10+10+10+10-year lease) and BWS, who together make up about 75% of the centre’s space. Total rent is around $1.63 million.
41 Spensley Street, Clifton Hill
Local publican Rebecca Feingold acquired the 3-storey Royal Hotel, at the corner of Berry Street, for $5.51 million. Vendors the Gudic family bought the pub in 1985 from Carlton & United Breweries. Built in 1889, the building is on a 736sqm site and has been largely closed for the past decade, and is now expected to reopen in late 2027. Feingold had previously revived the Leinster Tavern in neighbouring Collingwood as Goldy’s Tavern.
98-106 Westall Road, Springvale
An investor paid $4.5 million for the KFC drive-through restaurant site. On 941sqm of land, the property has a 250sqm building completed in November 2024 and is leased on a 10+10+10+10-year deal to private KFC franchise group Southern Restaurants Group, currently returning a net income of $214,629pa plus GST.
71a Gamon Street, Yarraville
Offered with vacant possession, the former milk bar of 55sqm and 3-bedroom detached residence on a 238sqm corner site sold for $1.455 million.
201/19 Chandos Street, Cheltenham
An investor paid $1.015 million for the 143sqm second level corner office suite. Positioned within Cheltenham Quarter, the suite is leased to Community Solutions Group Ltd on a 3+3+3-year deal from June 2025, returning $67,600pa.
20-22 Catalina Drive, Tullamarine
An investor paid $4.225 million for the 1,529sqm office and warehouse property on 1,825sqm of land.
33 Lakeside Avenue, Reservoir
The 2 factories totalling 690sqm on 1 title and 1,034sqm of land sold for $1.3 million.
38 Mercedes Drive, Thomastown
Offered with vacant possession, the 425sqm warehouse with mezzanine offices, on 550sqm of land with 5 on-site car parks, sold for $1.15 million.
20 Virginia Street, Mornington
Offered with a short-term lease, the 375sqm office, showroom and warehouse property sold for $1.1 million.
22 Leopold Street, Glen Iris
A Sydney-based investor bought the 14-unit block of flats for $8.05 million, on a unit rate of $575,000.
3 Eldridge Street, Footscray
The block of 6 1-bedroom units sold to a Sydney-based investor for $2.1 million.
159 Scoresby Road, Boronia
The Melbourne Eastern Healthcare site sold in a sub-$15 million transaction. The medical hub property comprises 2,327sqm of building area with 12 tenancies, anchored by Capital Radiology, Doctors Care Clinic, Vision Eye Institute, Boronia Specialist Suites and Australian Clinical Labs, and returns a net income of around $1.006 million per annum plus GST. It is on a 2,596sqm site.
44 Highbury Road, Burwood
An investor bought the 2-level, 595sqm medical building on 880sqm of land for $2.52 million, on a 5.12% yield. Honeycomb Health has a newly-exercised 5-year lease, currently returning an net annual rent of $135,000.
Dominant Bayside Mazda Dealership Leased to ASX-Listed Tenant
The home of one of the country’s highest-performing Mazda dealerships, leased to an ASX-listed operator, is now up for sale.
Fitzroys agents Chris James, Chris Kombi and Ben Liu are marketing 50 Wells Road, Seaford on behalf of a private owner.
The Expressions of Interest campaign closes Wednesday, 14 October at 3pm marking the first time the property has been offered to the market in nearly 40 years.
Expectations are of around $9 million.
The property comprises a significant 6,442sqm freehold landholding with 235m of triple street frontage, improved by a full-service dealership with 2,275 of buildings. The tenant recently invested around $1.5 million into extensive showroom and service centre upgrades.
Trading as the highly regarded Frankston Mazda, the site has been trading as a Mazda dealership for over 50 years and was the long-term home to the well-known Graham Powell Mazda. One of the most awarded dealerships in Victoria, the business has won 17 Mazda Master Dealer excellence awards.
The business is operated by Peter Warren Automotive, the third largest Australian ASX-listed motor group, which has a strong presence across the eastern seaboard and reported an annual revenue of $2.49 billion for the 2026 financial year. On the expansion path, the company has just been given the green light by the Australian Competition and Consumer Commission to acquire Wakeling Automotive Group in a $28 million deal.
The Frankston Mazda property is offered with a secure long-term 10-year lease with a 5-year option, returning a net income of $501,500pa plus GST. Land tax is recovered from the tenant on a single holding basis. “Automotive dealership sites with such incredible fundamentals are rare in the current market,” James said.
“Local, interstate offshore investors, syndicates and investors are expected to show interest given the quality of the tenant covenant and the considerable underlying land value.
“Frankston Mazda is very well-regarded in the automotive industry, being one of the marque’s top-performing dealerships in Victoria.
“This dealership was hand-selected by a listed entity knowing full well the strength of the business and the location, with their confidence and commitment further reflected in their extensive capital outlay in upgrading the property.”
Kombi said, “The Mazda brand resonates very strongly with this bayside location’s demographic. This dealership services a really responsive and broad catchment - it’s one of the last dealerships to service down through Frankston City and the Peninsula to Blairgowrie and Sorrento, and further into the east.”
Liu further commented that the Seaford and Frankston area is widely considered a sought-after bayside location.
“More people are being attracted to this area’s lifestyle options, including the beaches, an enhanced shopping, hospitality and dining scene, and growing commercial market,” he said. Seaford and Frankston house prices have shown notable growth over the past 12 months.
This strategic bayside location further benefits from excellent connectivity to Melbourne CBD and the Mornington Peninsula via key arterial networks, with Frankston Highway, Frankston-Dandenong Road and Peninsula Link all close by.
Disclosure: Fitzroys Weekly 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.