1-9 Gateway Road, Warrnambool
ASX-listed Region Group divested the Woolworths-anchored 4,319sqm East Warrnambool Shopping Centre for $18.5 million. The centre also has 7 specialty stores and is 100% occupied, with a weighted average lease expiry (WALE) of 3.9 years.
152 Pascoe Vale Road, Moonee Ponds
The 2-level building with a kitchen fit-out on a 300sqm site sold with vacant possession for $905,000.
105/210-220 Boundary Road, Braeside
The 79sqm office unit was leased at $22,000pa, or $278/sqm.
9 Quality Drive, Dandenong South
An owner-occupier paid $13.7 million for the freestanding 4,964sqm office and warehouse facility, which is on an 11,616sqm site.
29C Paddys Drive, Delacombe
The 600sqm shed on a 1,764sqm allotment sold for $1.225 million.
A private investor bought the childcare centre property for $5.355 million. Licenced for 100 places, it is on 4,000sqm of land and has a 10-year initial lease term with multiple options to Little Stars Early Learning & Kindergarten.
332 High Street, Echuca
An investor paid $1.77 million for the 333sqm vet clinic building on a 1,101sqm site, on a 5.65% yield. Fur Life Vet, a wholly-owned subsidiary of ASX-listed Apiam Animal Health has a renewed 10 5 5-year lease returning $100,000pa plus GST.
A Toorak Treasure Ready for Occupation, Investment or Value-Add
Melbourne’s prime shopping strip market is set for an early 2025 test, with a superbly-located freehold opportunity in prestigious - and fast-evolving - Toorak Village going to auction in March.
Fitzroys’ Mark Talbot and Lewis Waddell are marketing 416 Toorak Road, in blue-ribbon Toorak for sale via public auction on Friday, 14 March at 12pm.
Offered with vacant possession, the property comprises the shop, rear storage plus garage parking, and is on an irreplaceable land holding of 196sqm with an exceptional frontage of 5.9m to Toorak Road and side and rear road access.
Expectations are of $2.2 million-plus.
Talbot said the property is ready for occupation, investment, or a value-add play.
“This is a chance to acquire an irreplaceable piece of one of Melbourne’s most prestigious retail strips, which is currently undergoing a generational period of revitalisation,” Talbot said.
“Toorak Village is one of the best examples of the renewal that’s currently being seen across Melbourne’s shopping strips, which in recent years have recorded elevated rates of sites being revitalised by new developments.
“Developments along the strips are adding significantly to the immediate residential and worker populations, boosting trade prospects, and security of rent income.”
The 416 Toorak Road property is just two doors from Orchard Piper’s $120 million mixed-use project which is set for completion in the third quarter of 2025 and is now almost 80% sold out, with total sales exceeding $90 million for both residences and offices. Residences have achieved record rates of in excess of $30,000 per sqm.
Vicland’s St Germain development has in recent years delivered 10,000sqm of offices, a Coles Local supermarket, and leading health and wellness club Saint Haven to the strip, while Orchard Piper is also developing a $400 million boutique apartment project moments away on the Mercedes-Benz dealership site on Carters Avenue. At 410 Toorak Road, Prime Edition is delivering a boutique residential project.
Toorak Village was also recently named by the Victorian Government as one of of the 25 new Activity Centres around transport nodes, which will be subject to new zoning controls promoting taller, higher-density buildings and streamlined planning outcomes.
“Particularly in an era of hybrid working arrangements, Melburnians are spending more time in their shopping strips than ever,” Talbot said.
According to Fitzroys’ latest edition of Walk the Strip report, Toorak Road, Toorak retained single-digit vacancies for yet another year, at 9.0%.
Waddell said the 416 Toorak Road offered excellent value-add potential, located on a flexible Commercial 1-zoned site with a Design and Development Overlay promoting a height of 16.5m.
“There’s demonstrated demand for both residential and commercial product in Toorak Village,” he said.
“The success of the Orchard Piper development 2 doors down has been a great benchmark for the Village and this site could suit people wishing to occupy as is or add a small development on top - office or residential - and get into the street at an attractive level.”
Toorak Village has seen recent sales in the order of $20,000/sqm.
He said Toorak Village is also supported by what is perhaps Melbourne’s most affluent and established catchment, home to the city’s highest incomes and highest median house price. Toorak has this week seen Melbourne’s - and potentially Australia’s - most expensive-ever home sale.
416 Toorak Road is further supported by its proximity to Toorak train station and its position on the Route 58 tram line, both of which provide easy access to the CBD.
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 2025 Fitzroys.