105 Beach Street, Port Melbourne
An investor paid $2.755 million for the 270sqm strata-titled property, which overlooks Station Pier and has a 10+6+6+6-year lease to fish and chippery D’Lish Fish.
262-272 Racecourse Road, Flemington
The multi-tenanted, triple-fronted site on 1,234sqm of land sold for $4.1 million. It comprises 8 tenancies across 931sqm of building area, including Domino’s Pizza and Subway, and returns a combined $297,973pa.
35 O’Connor Avenue, Clyde North
Developer Oreana Group paid $3.7 million for the recently completed showroom and office building occupied by ASX-listed developer Mirvac. The 2-level, 632sqm building is on a 2,334sqm site with on-site parking.
2145-2151 Point Nepean Road, Rye
The 635sqm corner site sold for $1.55 million. It is occupied by longstanding tenant Rye Produce Store and Nursery on a 5-year lease to 2027 with 2 further options, currently returning $50,196.44pa net plus GST.
1101 Glen Huntly Road, Glen Huntly
An owner-occupier bought the 187sqm 2-level shop and dwelling on 249sqm of land for $1.168 million.
131-135 Dover Street, Cremorne
An owner-occupier bought the 650sqm office building from Sydney-based investors for $4.35 million. It has undercover parking for 5 vehicles.
136-138 McIntyre Road, Sunshine
An investor paid $4.7 million on a 5.33% yield for the 2,006sqm building, which comprises 3 individual office/warehouses and mezzanine levels. It has a renewed 5-year lease to AMA Group to October 2028, with a further 5-year option, returning $250,751pa net plus GST.
30-32 Clarice Road, Box Hill
The 1,526sqm Industrial 1-zoned site sold for $3.85 million. It has 1,027sqm of floor space across 2 buildings and is leased on a new 5-year term to panel beaters Prestige Autobody, returning $150,000pa plus outgoings and GST.
4 & 4A Cope Street, Preston
The dual-warehouse property sold for $1.64 million. Factory 4 is leased and spans 223sqm, while the 398sqm 4A Cope Street warehouse is vacant. They are on a 783sqm Industrial 1-zoned site.
60-62 Knight Avenue, Sunshine North
Offered with vacant possession, the 1,156sqm Industrial 3-zoned corner site sold for $1.44 million. It is improved by 570sqm of warehousing.
6/167-173 Hyde Street, Yarraville
The 2-level 131sqm office, warehouse and showroom unit sold with vacant possession for $640,000.
8/156 Victoria Street, North Geelong
The vacant 295sqm office and warehouse unit sold for $575,000.
43 Aspen Circuit, Springvale
The brand-new 115sqm office and warehouse with 2 on-site car parks was leased at $32,000pa.
123 Albion Street, Brunswick
A private investor bought the recently renovated childcare centre from Melbourne City Mission for $7.9 million, on a 5.5% yield. It has a licence for 126 places and a 15+10+10-year lease to Frolic Early Learning returning $441,000.
Striking Café Investment in Booming Location
Investors have the chance to acquire a divine hospitality-leased asset - with its own church spire - in one of Melbourne’s fastest-growing inner city locations.
Fitzroys’ Ervin Niyaz and Chris Kombi are marketing 23A Gladstone Street, Moonee Ponds on behalf of a private vendor.
Expectations are of $2.2 million-plus.
Part of the Wesleyan Church redevelopment, the property includes an immaculate, architecturally-designed 300sqm building leased to the successful Quarter Two Café on a renewed, secure 5+5+5-year deal, returning $123,600 per annum plus GST from June.
At the front section of the old church grounds it was purpose-built for hospitality use and the area on title also takes in part of the old church building. The self-contained two-level premises includes the church’s spire, accessed via an internal spiral stair case and has an office and storage area.
“We’re expecting interest from private investors and self-managed super fund investors based locally and around the country,” Niyaz said.
“Investors will note the uniqueness of the property - this isn’t a standard shopfront - as well as the secure lease to a proven operator, strong income stream, and excellent location in one of Melbourne’s fastest-growing inner city locations.”
Located within the booming Moonee Ponds activity centre, the property is directly opposite more than 500 car parks and a Woolworths supermarket, and is in immediate proximity to the high-performing Puckle Street shopping strip that anchors the surrounding retail and shopping centre offering, which includes Coles and Aldi supermarkets at Moonee Ponds Central.
“Moonee Ponds is experiencing a generational development boom,” Niyaz said.
“There’s some 2,000 apartments in the surrounds, to go with newly completed major residential developments such as Penny Lane, while the $2 billion overhaul of Moonee Valley Racecourse is underway and will ultimately add thousands more residents to the immediate catchment,” Niyaz said.
“The rapid growth of the catchment has supported business in the area, and further increases will underpin trade prospects over the long-term.
“More and more people are wanting to live, work and play in Moonee Ponds.”
Kombi said the property is further supported by a growing commercial market and workforce, which includes the Australian Taxation Office and Honda head office.
He added that Moonee Ponds offers excellent public transport linkages by train, tram and bus, and excellent connectivity to major road arterials and only seven kilometres north-west of Melbourne’s CBD.
The property is highly accessible, close to Moonee Ponds train station, Moonee Ponds Junction bus interchange, and Route 59 and 82 trams.
Expressions of Interest close Wednesday, 30 April at 3pm.
High-Profile Investment with Secure Lease to Major National Liquor Retail Group
A prime investment in the heart of one of Melbourne’s busiest shopping strips with a new long lease to a major liquor group has hit the market.
Fitzroys’ Chris Kombi and Ervin Niyaz, in conjunction with Mulcahy Butera, are marketing 380 High Street, Preston, home to Cellarbrations. The property goes to auction on Wednesday, 30 April at 1pm on-site.
The property comprises a 170sqm building with a brand-new immaculately-presented fit-out, including retail space, cool room and storage, with a large 10.36m frontage to High Street. It is on a valuable inner-city landholding of 315sqm with parking for four cars, and potentially could accommodate more.
Cellarbrations, one of Australia’s largest retail liquor brands with over 700 stores across the country, has a new 10 5+5-year lease returning $130,000 per annum plus GST, with fixed 4% annual increases.
“Investors will be attracted to the property’s secure long-term lease to a major liquor retail group at a time of residential and share market volatility, and its ideal location in the heart of one of Melbourne’s busiest shopping strips and opposite the famous Preston Market,” Niyaz said.
Occupying a commanding position on the eastern side of High Street near the corner of Murray Road, the property is surrounded by a strong mix of national retailers, which includes Woolworths, Aldi, Chemist Warehouse, CBA, and ANZ, along with popular eateries.
“Preston’s trading catchment benefits from its established catchment and the Preston Market drawing patrons from around Melbourne; as well as ongoing residential development, government spending nearby - which has seen upgrades to Preston station - and excellent accessibility.”
The commercial hub is well serviced by public transport with bus services operating along High Street and the rejuvenated Preston train station only 280 metres to the west of the property, and is also supported by plentiful public parking and key road arterials, which include Bell Street, St Georges Road, and Plenty Road.
Kombi said, “The viability of Preston’s commercial precinct has been further underpinned by the development of several high-rise residential complexes in the area, which has led to rapid population growth and increased foot traffic to the shopping strip.”
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.