A Melbourne-based investor bought the 750sqm building occupied by The Reject Shop for $2.6 million, on a 6.4% yield. It has a 6-year lease on a 786sqm site.
114-122 Thompson Avenue, Cowes
The Coles Cowes property sold for for $23.75 million to a Melbourne based family. It returns around $1.1 million per year in rent and is on a 9,555sqm Commercial 1-zoned site.
20 McKellar Way, Epping
The 1,000sqm café, warehouse and function space building sold for $2.6 million. It is on 1,452sqm of land multiple car parks.
Shop 1/99 High Street, Woodend
The 145sqm building on a 540 Commercial 1-zoned site sold for $638,000, on a 6.16% yield. Black Forest Meats has a renewed 5-year lease to 2029 plus 4 further 5-year options, currently returning $39,315pa plus GST.
8 Gwynne Street, Cremorne
The Housing Industry Association (HIA) bought the 1,452sqm, 5-level office building for $18 million. It is currently occupied by Ratio Consultants, returning $940,000pa. The HIA will move into the property in the second half of 2025.
122 Chapel Street, St Kilda
Owner-occupier Absolute Immigration purchased the former warehouse building for $4.215 million. The 2-level, 1,160sqm building is leased to 2 tenants until September, returning a combined $221,728pa plus GST.
57-59 Sparks Avenue, Fairfield
The 770sqm office, showroom and warehouse building sold with a monthly tenancy in place for $3 million. It is on 986sqm of Industrial 3-zoned land with on-site parking for 5 cars.
98 Davies Avenue, Sunshine North
The 426sqm office and warehouse building on a 581sqm site with 6 car spaces sold for $1.48 million, on a building rate of $3,474/sqm.
54 Anomaly Street, Moolap
A Melbourne-based investor paid $1 million for the vacant 375sqm warehouse, which is on 533sqm of land with 3 on-site parking spaces.
10/78-80 Bayfield Road East, Bayswater
The 226sqm office and warehouse unit with 3 parking spaces sold for $700,000.
385-395 Manningham Road, Doncaster
The 2,440sqm corner site zoned Residential Growth sold for more than $5.6 million, with a permit for 19 townhouses and a scheme for a 5-level, 52-apartment project.
75 West Gateway, Lara
The 2.02ha parcel with potential for a 35-lot subdivision sold for $2.925 million.
23 Clarendon Street, East Melbourne
Fertility clinic owner BGH Capital sold the vacant 13-bed day hospital property to an Asia-based investor group for around $10 million.
There’s a changing of the guard in Carlton North’s popular Rathdowne Village, following the sale of the former home of celebrity chef Adrian Richardson’s popular restaurant La Luna.
Fitzroys’ Shane Mills and James Lockwood, in conjunction with Pat Burke of MP Burke Commercial, sold the 320 Rathdowne Street corner property at auction in front of a large crowd for $2.075 million.
“This was a truly generational deal. The campaign marked the first time in 37 years the property had been for sale, while La Luna finished serving diners in August last year after 26 years at the location,” Mills said.
“The buyer is a local hospitality operator - they’re a family business, and the purchase will enable their children to start their own venture & journey in Rathdowne Village.
“They’ll look to open a bar/bistro concept, after undertaking some renovations to suit their concept.”
Burke said, “This is an exciting sale. We’re delighted to see the next generation of family hospitality operators seeking to establish a new business in this traditional precinct.”
The 270sqm double-storey building was offered with hospitality and kitchen amenities in place, with a permit in place for 110 patrons.
“We had a lot of restaurateurs come through keen to take on the existing kitchen infrastructure, perhaps spend some capital to re-energise the property into a fresh concept, and then have a restaurant ready to go in a thriving inner-north location,” Lockwood said.
“La Luna exhibited the underlying potential of the location and hospitality operators recognised the generational nature of the opportunity.”
There is the ability for the new owners to apply for a footpath trading permit which would increase the patron numbers and take advantage of the leafy outdoor setting in front of the property.
Lockwood added, “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.
“We also had interest from investors, occupiers - both residential & commercial and value-add buyers looking to repurpose and gain a presence in this sought-after location.”
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.