2A Dunmore Drive, Truganina
An investor paid $8.35 million for the Harvey Norman distribution facility property. The 3,810sqm office and warehouse is on 6,956sqm, and has a gross passing income of $444,716pa plus GST.

25/34-36 King William Street, Broadmeadows
The 150sqm warehouse unit with 2 car spaces sold with vacant possession for $630,000.

Lygon Street, Carlton Sees First Retail Investment Sale of 2025
A generational transaction marks the first retail investment sale of 2025 on Melbourne’s famous dining and lifestyle strip of Lygon Street, Carlton.

Fitzroys’ Chris Kombi and Ervin Niyaz sold 223 Lygon Street for $1.51 million, on behalf of owners who had held the property for 53 years.

Offered with vacant possession, the 2-storey 165sqm building comprises ground floor retail and first floor office, and is on 113sqm of freehold land with rear access via Lygon Lane.

Niyaz said the campaign generated interest from investors and owner-occupiers, with the purchaser a private Melbourne-based investor who knows both the property and location well.

“The purchaser is very familiar with the turnaround of Lygon Street since COVID, which has seen the strip come back in a big way, bringing confidence to investors and owner- occupiers alike about its credentials and trade prospects.”

Vacancies on Melbourne’s most famous dining strip are close to their lowest in years as Melburnians again embrace dining and eating out, tourists return in bigger numbers, and students come back to university. According to Fitzroys’ most recent Walk the Strip report, vacancies on Lygon Street have come down from 20.0% in the depths of COVID to now sit at a healthy 7.5%.

“Investors continue to turn to quality Melbourne shopping strip assets for security at a time of share market and residential market volatility,” Kombi said.

He added that this was a rare opportunity to establish a presence in a high foot-traffic lifestyle precinct that has a new lease of life, with an eclectic wave of new restaurants, eateries and bars opening up, complementing the traditional Italian classics, as well as popular national and local traders.

Andrianakos Takes a Half-Share in Northland
Nick Andrianakos has acquired a half-share in Northland in a $385 million deal that will see him take co-ownership of a fourth major retail asset alongside ASX-listed Vicinity Centres.

The share in the Preston shopping centre was acquired from an unlisted GPT fund.

Northland has around 98,000 sqm of floor space and is anchored by Myer, Target, Kmart, Coles, Woolworths, Aldi and Hoyts Cinemas. It has a weighted average lease expiry by income of nearly 7.5 years.

The centre is on a 19.04ha site and in recent years saw a major expansion of its entertainment and leisure precinct.

Andrianakos and Vicinity Centres co-own Broadmeadows Central, as well as 2 South Australian assets.

Andrianakos made his fortune through the Milemaker chain of petrol stations, which he sold to Caltex in 2016 while retaining the freeholds.

Major Footscray Development Precinct Changes Hands
Australian developer 3L Alliance has acquired the Kinnear’s Precinct urban renewal site in Footscray for $39 million.

The seller, R&F Property Australia, an arm of Chinese group R&F Properties, had completed the 200-apartment stage one of the 2.99ha Ballarat Road site in 2019. There is potential for another 1,200 apartments and other commercial and retail offerings to be delivered.

The site is home to the heritage-listed Kinnear’s Ropeworks factory which was established in 1902.