MARKET MOVES VIC DESCRIPTION
VENDOR/ PURCHASER AGENCY
SALE $
Wilmac’s Corio industrial estate has reached full completion and sell-out, with all 12 warehouses at 128–146 O’Brien’s Road transacting for more than $60 million. The 22,577sqm development delivered rare 1,000sqm-plus facilities with Ring Road exposure, setting new Geelong rental benchmarks of up to $180/sqm. The final 1,749sqm warehouse sold for $4.2 million to a repeat local investor. Sales were negotiated by Knight Frank’s Steve Jones, Nathan Edgar and Chris Bolsin with Tim Darcy and Andrew Prowse of Darcy Jarman on behalf of Wilmac. A newly completed 128-room hotel at 851 Whitehorse Road, Box Hill has sold for $30.7 million to an offshore investor, marking one of Melbourne’s notable hotel transactions in early 2026. The deal was handled by Savills’ Benson Zhou, with the purchaser reportedly acquiring the asset with vacant possession. Positioned around 14 kilometres from the Melbourne CBD, the four-star Trio Hotel Box Hill includes a 90-seat restaurant, bar, conference and event facilities, plus access to leisure amenities. A mixed-use freehold at 111 Ocean Beach Road, Sorrento has sold for $2.9 million, marking the township’s first retail auction in four years. The sale was negotiated by CBRE’s Nathan Mufale, Alex Brierley and JJ Heng. The 218sqm property sits on a 219sqm landholding and is leased to fashion retailer Ghanda, returning $91,640 per annum. The result reflected a sharp 3.16% yield and a land rate of $13,242 per sqm, highlighting ongoing demand for tightly held coastal retail assets. Colliers has sold 40 Burwood Road, Hawthorn for $16,825,000 to residential developer Abadeen, under instructions from Lachal Property. The campaign was managed by Alex Browne, Ben Baines, Eddie Foulkes and Jozef Dickinson. The 1,954sqm office sits on a prominent 1,300sqm corner site and attracted more than 150 enquiries and six offers. Recently earmarked for up to eight storeys under new planning controls (STCA), the park-facing site is set to be redeveloped into a premium residential project. An industrial facility at 66 Logis Boulevard, Dandenong South has sold for $10.65 million in an off- market transaction, reflecting a sharp 5.38% yield. The deal was negotiated by CBRE’s Fraser Pearce, Alex Grima and Patrick Noone. Located within the tightly held Logis Estate, the property is fully leased to Headstart International and offers secure holding income. Strong demand for premium logistics assets in Melbourne’s southeast underpinned continued competition for blue-chip, income- secure industrial investments. A prime retail freehold at 204 Glenferrie Road, Malvern has sold for $1.425 million under the hammer, reflecting a tight 4.5% yield and a land rate of circa $10,000 per sqm. The sale was negotiated by Fitzroys’ Tom Fisher and Lewis Waddell. The double-storey 137sqm building was offered with a new five-year lease to Homing Instincts. Strong bidding highlighted continued investor appetite for tightly held strip retail in affluent catchments, with Glenferrie Road benefiting from low vacancy and future activity centre uplift. The 1.89-hectare former Presentation College site in Windsor has sold to Pace Development Group for around $40 million, concluding one of Melbourne’s most closely watched development campaigns. The landmark inner-city site had been owned by Presentation Association Victoria for more than 150 years and attracted strong interest from developers, schools and retirement operators. The transaction was managed by Colliers’ Jozef Dickinson, John Marasco and Philip Heberling, with Pace planning a staged residential redevelopment of the historic site. A prized Ampol service station at 2–14 Thompson Road, Patterson Lakes has sold for $5 million on a 5.52% yield ahead of auction, reflecting strong investor demand for fuel and convenience retail assets. The 2,234sqm corner freehold is leased to global fuel and convenience retailer EG Group on a renewed 10-year lease to 2034, with options extending to 2054. The sale was negotiated by CBRE’s Raoul Holderhead, Rick Jacobson and Sam Mercuri in conjunction with John Camilleri of Killen Thomas. A landmark mixed-use freehold at 1203–1205 High Street, Armadale has sold for $5.3 million following a competitive private tender campaign. The two-level investment, leased to Small Wins Café and Endota Spa, attracted strong local and offshore interest in one of Melbourne’s most tightly held retail precincts. The sale was negotiated by Gross Waddell ICR’s Alex Ham and Michael Gross. A warehouse at 3 June Avenue, Dromana has sold for $2.9 million following a competitive Expressions of Interest campaign that generated 110 enquiries. The 1,105sqm industrial facility sits on a 2,044sqm landholding and was acquired by an interstate investor. The sale was negotiated by Paul Jones and Mimi Hoang of Jones Real Estate, highlighting continued demand for well-located industrial assets across the Mornington Peninsula.
Knight Frank’s Steve Jones, Nathan Edgar and Chris Bolsin with Tim Darcy and Andrew Prowse of Darcy Jarman
128–146 O’Brien’s Road, Geelong
$60 million
P: Local Investor
851 Whitehorse Road, Box Hill
Savills’ Benson Zhou
$30.7 million
P: Offshore Investor
111 Ocean Beach Road, Sorrento
CBRE’s Nathan Mufale, Alex Brierley and JJ Heng.
$2.9 million
P: Private Investor
40 Burwood Road, Hawthorn
Colliers' Alex Browne, Ben Baines, Eddie Foulkes and Jozef Dickinson
$16.825 million
P: Abadeen
66 Logis Boulevard, Dandenong South
CBRE’s Fraser Pearce, Alex Grima and Patrick Noone.
$10.65 million
P: Private Investor
204 Glenferrie Road, Malvern
Fitzroys’ Tom Fisher and Lewis Waddell.
$1.425 million
P: Private Investor
V: Presentation Association Victoria P: Pace Development Group
187 Dandenong Rd, Windsor
Colliers’ Jozef Dickinson, John Marasco and Philip Heberling
$40 million
2–14 Thompson Road, Patterson Lakes
CBRE’s Raoul Holderhead, Rick Jacobson and Sam Mercuri
$5 million
P: Private Investor
1203–1205 High Street, Armadale
Gross Waddell ICR’s Alex Ham and Michael Gross.
$5.3 Million
P: Private Investor
3 June Avenue, Dromana
Paul Jones and Mimi Hoang of Jones Real Estate
$2.9 million
P: Private Investor
26 – March / April 2026
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