131 Smith Street, Fitzroy
The 501sqm shop occupied by Lululemon and located on the ground floor of a new apartment project sold for $6.35 million, on a yield of 6.3%. The NASDAQ-listed yoga clothes and activewear retailer has a 7-year lease.
81 Seymour Street, Traralgon
The 147sqm building leased to clothes shop Jilly M Boutique sold for $745,000. It currently returns $38,700pa plus outgoings and GST.
801/343 Little Collins Street, Melbourne
Offered with vacant possession, the 62sqm office suite sold for $330,000.
11 Industrial Drive, Pakenham
The 34,710sqm Industrial 1-zoned site sold for $12.5 million. It is occupied on a 10-year lease to the end of January 2028 with 4 further 10-year options to precast concreting band Civilmart, part of Fortune 500 company CRH, returning $413,269pa net plus GST.
3/54-56 Kolora Road, Heidelberg West
Offered with vacant possession, the 220sqm brick warehouse on a 245sqm Industrial 1-zoned site sold for $670,000.
B & B Property Group acquired the 964sqm site for around $9 million from Interflora, which had owned and occupied the property as its head office for more than 20 years.
The former home of celebrated restaurant, Adrian Richardson’s La Luna, is set for a new chapter.
Fitzroys’ Shane Mills and James Lockwood, in conjunction with Pat Burke of MP Burke Commercial, are marketing for sale the landmark Rathdowne Village corner at 320 Rathdowne Street, Carlton North on behalf of a private owner.
The property goes to auction on Thursday, 20 March from 12pm on-site. Expectations are of $1.8 million-plus.
The campaign marks the first time in 37 years the property has been for sale.
“Rathdowne Village is very tightly held with properties rarely changing hands,” Mills said.
Offered with vacant possession, the the impressive 270sqm double-storey building is suited to a range of uses.
From its former life the property has full hospitality and kitchen services in place, providing an excellent opportunity for a hospitality occupier to move straight in.
“Long-term stalwart La Luna exhibited the underlying potential of the location, and hospitality operators have the generational chance to secure a landmark Rathdowne Village corner location with existing kitchen infrastructure and create a new legacy for this space,” Mills said.
Hugely popular bistro La Luna was in the location for 26 years before Richardson decided in 2024 to focus on other projects.
Mills added that the property has a restaurant permit in place for 110 patrons, and there is the ability for a user to apply for a footpath trading permit which would increase the patron numbers and utilise the leafy outdoor setting in front of the property.
Lockwood said, “Other occupiers, investors and value-add buyers looking to repurpose will recognise this is a remarkable opportunity to acquire a Rathdowne Village corner freehold.
“Rathdowne Village is a dynamic lifestyle precinct centred around a growing residential catchment in the heart of Melbourne’s hugely popular inner north, and is close to universities and major hospitals.
“The residential, worker and student populations all support strong trade in the Village, and offer excellent growth prospects.”
Known for its leafy trees and charming character, Carlton North has a high median house price of $1,515,000, according to REA.
Justin Hemmes’ Merivale Group Makes Another Melbourne CBD Play
Hospitality billionaire Justin Hemmes is planning to convert a CBD car park into a hospitality and entertainment precinct following a $55 million deal with Melbourne City Council.
Hemmes’ Merivale Group will deliver a version of Mimi’s restaurant in Coogee and of its Totti’s restaurants, of which it has venues in Sydney and Lorne, at 34-60 Little Collins Street.
The long-term vision for redevelopment of the 8-storey “Parkade” car park will include restaurants, cafés, bars, a hotel, retail, and sky garden.
ASX-listed property company Dexus has a lease over the car park with 13 years remaining, which returns $468,222.
Hemmes already owns the adjacent building which is home to Argentinian steak restaurant San Telmo and pizzeria Pizza Pizza Pizza.
The sale was ratified by Council this week.
Melbourne City Council will use the proceeds for capital works including delivery of community sport facilities.
In 2021, Hemmes bought Tomasetti House at 277 Flinders Lane for more than $40 million. He has been repositioning the 1853-constructed 7-storey building since. It will reopen with 3 separate venues, including a basement bar, rooftop bar and 3-level Chinese restaurant.
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.