VIC Top 5: Discount chemist fills the script

The home of this Discount Chemist in Oakleigh South is on the market.
The home of this Discount Chemist in Oakleigh South is on the market.

A discount chemist in Melbourne’s south-east could provide real value for investors, with the property’s location and potential affordable price point already proving a hit.

The Direct Chemist Outlet at 1146-1148 North Road in Oakleigh South was the most-viewed property in Victoria over the past week on

With a net rental return of $75,645 per annum plus GST and outgoings, agents are spruiking it as an affordable pharmacy investment opportunity, with its main road location and and the Dan Murphy’s liquor store next door also in its favour.

The property has a 10-year lease t0 2028, plus an additional two five-year options and fixed 2.5% rent increases.

It was a positive week for many asset classes in Victoria, including offices, which occupied three of the top 10 properties of the week across the state.

But search activity for Victorian commercial property fell 11% compared to the previous week as the state felt the impact of the first week of its renewed Stage 3 lockdown.

Nerida Conisbee says there are a large number of investors who are “watching and waiting”.

“We know there are challenges on the tenant side, but on the other hand there’s still a lot of (investor) money, and what are you going to do with that money if you do sell? It’s not like there’s anything better to buy at the moment,” she says.

“There are a lot of people watching and waiting.”

“The key thing for Victoria now is to maintain consumer and business confidence. If we can get through this six weeks and people come out of it feeling a little bit better than what they do now, then that’s a positive.”

Conisbee says the industry is also rallying behind offices, despite the challenges posed in the current environment.

“People within the industry are talking up offices, with a view that you can’t maintain culture unless people are in the office together. A lot of commentary says we’ve seen this all before. The industry is now fighting back,” she says.


230 Mountain Highway, Wantirna

The Wantirna medical facility has plenty going for it.

Medical assets have been keenly pursued by investors seeking safe industries this year, with this Wantirna facility the latest to catch their eye.

The Wantirna property features a lease returning $200,000 per annum plus GST, and includes 3% annual rent increases, bank guarantees and personal guarantees.

It also has 40m of street frontage, favourable general residential zoning, a 2093sqm landholding a position only 100m to Knox Private Hospital.

Expressions of interest to purchase the centre close on August 6.


23 Coromandel Place, Melbourne

The property is in one of the most sought-after pockets of Melbourne’s CBD.

Interest continues to grow for a Melbourne building that while listed as an office, could have any number of asset classes in its future.

The previous week’s most-viewed listing in Victoria, the CBD property is currently configured as apartments but has flexible Capital City 1 zoning that allows for commercial, hospitality and residential developments

It is positioned only metres from the $1.8 billion 80 Collins precinct, comes with a short-term holding income and comprises 457sqm of building area on a 220sqm site.

An expressions of interest campaign closes on July 24.


11-13 Spring Street, Fitzroy

The property on Spring St in Fitzroy is ripe for conversion.

Those who dream of converting an old inner-city warehouse will have to fight hard for the keys to this Fitzroy building, currently utilised as an office and residence but ripe for conversion.

While already renovated in parts, the warehouse-style studio still presents as a unique canvas on which a renovator could make their mark.

Located in the heart of Fitzroy, it also has on-site parking.


South Boulevard, Corner of Raleigh Street and Punt Road, Windsor

The Windsor site presents a major development opportunity.

One of the most significant inner-city development sites to come to market this year is already creating a stir among developers, with the prime Punt Rd block jumping into Victoria’s top five most-viewed listings.

The 4293sqm landholding and building, known as South Boulevard, has 127m of street frontage and is surrounded by major new developments, with agents suggesting it has a range of potential uses include an office, residential, education/student accommodation, healthcare, aged care or even a hotel or serviced accommodation.

The site has Commercial 1 zoning and is offered with vacant possession, allowing for flexible development outcomes in the near future.

Expressions of interest for the site close on August 6.