342 Queens Parade
Fitzroy North, VIC 3068

This property represents a strategic city-fringe freehold investment opportunity located at 342 Queens Parade, Fitzroy North, offered for sale by public auction. The auction is scheduled for Thursday, 28th May 2026 at 1pm.

The key features of this property include a recently renewed lease agreement with Toorallie Australia, a well-established Australian fashion brand with 35 years of operation. The lease term is structured as a 3 + 3 year renewal, providing stability and continuity of income.

The property currently returns an annual income of $43,414 plus GST, with the tenant responsible for all usual outgoings, ensuring a low-maintenance investment for the owner. The site comprises a strategic landholding of approximately 237 square meters, benefiting from two separate rear access points, enhancing its functional utility and potential for future development.

The building itself is a perfectly presented, open plan, and light-filled space measuring approximately 120 square meters. It offers onsite parking facilities capable of accommodating multiple vehicles, a valuable asset in this vibrant inner-north village precinct.

The location is characterized by a strong tenancy mix of longstanding local and national traders, including well-known businesses such as Bendigo Bank, Cavallini Bakery, McCoppins Supermarket, Woolworths Supermarket, Birkenstock, Mountfords Shoes, Bakers Delight, among others. This vibrant commercial environment is supported by a growing affluent catchment area and surging residential values, with the median house price in the vicinity recorded at $1.69 million, reflecting a 13.8% year-on-year increase.

Situated only 2.7 kilometers from the Melbourne CBD, this property offers a rare and affordable inner-city opportunity with strong potential for future value add or redevelopment, subject to council approval (STCA).

Overall, this property is an attractive investment for those seeking a secure income stream in a prime location with excellent growth prospects. Its combination of strategic location, established tenancy, and potential for enhancement makes it a compelling addition to any commercial property portfolio.