235 Springvale Road, Glen Waverley
Listed investment bank MA Financial, headed by Sydney Swans chairman Andrew Pridham, acquired Perron Group’s half-stake in The Glen shopping centre for $327.5 million, on a passing yield of around 7%. Anchored by David Jones and Target, along with Coles, Woolworths and Aldi supermarkets, The Glen sits on a 7.2ha site at the intersection of Springvale Road and High Street Road and receives almost 15 million visitors a year. Vicinity Centres is the co-owner.
235-237 Elizabeth Street, Melbourne
A local private investor bought the 660sqm CBD freehold for $13.3 million. It has a lease to long-standing tenant Ted’s Cameras, with additional income through a rooftop air space lease.
1281 Nepean Highway, Cheltenham
An investor acquired the Tudor Inn Hotel for $11.5 million on a 6.31% yield. Endeavour’s ALH Hotels has a lease over the 2,152sqm pub until November 2028, with options to 2068. The 155-year-old pub comprises bars, lounges, a bottle shop, TAB and 56 gaming machines, and is on a 4,839sqm site with 60 car parks. Golden Sun Investments was the vendor.
13/5 Riverland Road, Clyde
The 79sqm shop leased to Clyde Famous Kebab sold for $970,000, on a 5.88% yield. It has a 7-year lease to May 2033 plus a 5-year option, bringing $57,025pa plus GST net.
Office 102/19 Chandos Street, Cheltenham
The 230sqm office within Cheltenham Quarter was leased at $90,850, or $395/sqm.
493-497 Frankston-Dandenong Road, Dandenong South
A Western Australia-based owner-occupier looking to expand its Victorian footprint paid $17.56 million for the vacant 17,030sqm Industrial 1-zoned site, which has a 60m frontage.
1373 Sydney Road, Fawkner
A local investor bought the 661sqm clear span warehouse on a 756sqm Commercial 2-zoned site, offered with a monthly tenancy, for $1.31 million.
2/35 Gilbert Park Drive, Knoxfield
The vacant 358sqm office, showroom and warehouse unit on 260sqm of land with 4 car parks sold for $900,000.
1/20-26 Sabre Drive, Port Melbourne
The 256sqm facility, comprising 110sqm of warehouse and 2-level office with 3 car spaces, was leased at $65,000pa, or $254/sqm.
278 Springvale Road, Forest Hill
An investor paid $3.050 million for the block of 8 1-bedroom units, on a unit rate of $381,250.
21 Lemongrass Circuit, Point Cook
The Goodstart Early Learning childcare centre property sold to an investor for $3.67 million, on a 5.09% yield. On a 2,626sqm corner site, the 90-place centre is leased for 15 years until October 2035 with 2 further 10-year options, and brings net rent of $186,804pa plus GST.
A high-performing, state-of-the-art healthcare investment occupied by Bupa’s Dental Corporation and in a thriving suburban Melbourne location has hit the market.
Fitzroys’ Chris Kombi, Lewis Waddell and Ben Liu are marketing 150 & 152 Canterbury Road, Blackburn on behalf of a private investor who has held the property for more than 15 years.
The Expressions of Interest campaign closes on Thursday, 15 October at 3pm.
Expectations are of $5.8 million-plus.
The property comprises 2 interconnected, fully renovated state-of-the-art buildings plus 22 on-site car parks on a 1,575sqm corner site with a commanding 75m frontage.
It has a secure 5+5+5-year lease to Bupa’s Dental Corporation and operates as longstanding and highly successful dental clinic Healthy Smiles Dental Group, permitted for 12 practitioners, and returning $338,541 per annum plus outgoings and GST. There are fixed 4% annual rental increases, and the tenant pays land tax on a single holding basis.
Founded in 1947, Bupa is a world leader in healthcare services with 38 million customers across 15 countries, and more than 180 clinics across Australia.
“Investors looking for a set-and-forget investment need look no further. A secure lease to a major global tenant in Bupa, a triple-net lease with strong annual rental increases, state-of-the-art improvements, and a large corner landholding in a thriving suburban Melbourne commercial precinct all provide excellent fundamentals,” Waddell said.
“Bupa spent around $2.2 million upgrading the building, so they’re clearly invested in this location for the long-term.
“Healthcare assets have this decade consolidated their standing as one of the most reliable defensive property investment plays. Underlying demand for healthcare services is constantly growing, and the property’s excellent tenancy profile and real estate fundamentals makes this a stand-out in the current market.”
Kombi noted the property is ideally positioned within an established healthcare precinct, surrounded by a variety of medical and allied health practices.
In close proximity are numerous general practitioners, dental clinics, physiotherapy and specialist practices including Vision Eye Institute, Blackburn Public Surgical Centre, Bellbird Medical Centre, Sheehan’s Medical Centre and True Hearing Audiology.
Major retailers in the immediate area include Woolworths, McDonald’s, Australia Post, Bendigo Bank and Chemist Discount Centre, and Forest Hill Chase shopping centre, together with a variety of cafes, eateries, and service-based businesses.
“This shopping and lifestyle offering contributes to strong local activity and offers convenience for both practitioners and patients,” Kombi said.
Liu said the property services a rapidly growing catchment that includes the Box Hill CBD, which is expecting a 47.5% increase in population by 2041, reaching 26,081 residents, while the amenity of Blackburn has seen the suburb’s population growth also outpacing the Melbourne-wide average.
He added that the area is well connected, with Blackburn Train Station just 1.3km to the north and easily accessed via Main Street, providing direct rail links to the Melbourne CBD and the wider metropolitan rail network, while local bus services also conveniently operate along Canterbury Road.
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.