Property
Market Scan — Small Tenanted Shops (4B-Westbrook & Subway-Fairfield analogues)
Date: 2026-10-15 · Desk: Eva · Brief: find live market options matching the two shortlisted profiles
Follows: eight property deep-dives (2026-10-15)
Market Scan — Small Tenanted Shops (4B-Westbrook & Subway-Fairfield analogues)
Date: 2026-10-15 · Desk: Eva · Brief: find live market options matching the two shortlisted profiles Follows: eight property deep-dives (2026-10-15)
🎯 One standout new find: Coburg North at $389k with stated rent
⭐ Shop A/84-86 Newlands Road, Coburg North VIC 3058 — $389,000
- 45 m², established tenant, $19,000 pa, lease commenced 23/02/2026, terms 2+2+2 years
- Gross yield: $19,000 ÷ $389,000 = 4.88%
- Kitchenette, split-system, Newlands Road exposure (Raine & Horne Brunswick: Tim Frlan, Jonathon Arfi)
- Read: a direct 4B-Westbrook analogue — smaller box premium ($422/m² rent), shorter lease (2+2+2 vs to 2031), but cheaper entry, stated rent, contracted tenant. At $389k it leaves $310k of the budget untouched — or pairs with 4B for two incomes under $700k combined.
8 Breese Street, Brunswick VIC 3056 — $850,000 (OVER BUDGET)
- 71 m², newly leased to a national retail brand, $40,000 pa + outgoings → 4.71% gross
- 11m+ frontage, Commercial 1 (NSL Property Group: Guy Naselli, Jackson Brenchley)
- Read: the Subway-Fairfield covenant class in Brunswick — but $150k over the ceiling. Only relevant if the vendor negotiates down, or as the price anchor proving what national-brand covenants cost. Watch for a price reduction.
31-35A Johnson Street, Reservoir VIC 3073 — MORTGAGEE SALE, from under $500,000
- Six ~60 m² units in a modern mixed-use precinct opposite Keon Park station: four leased, two vacant
- Love & Co (Branko Agatanovic 0448 035 565); all offers to vendors
- Read: mortgagee sales mean motivated vendors and potential discounts — but rents unstated, so the same discipline applies: get passing rents before bidding. The leased four are the 4B-analogues; the vacant two are 4A-analogues. Strongest follow-up candidate after Coburg North.
Recently sold — proves the model, sets the comps
| Address | Detail | Read |
|---|---|---|
| 501 Plenty Rd, Preston | 175 m², Augustus Gelatery (38 stores), $60,000 pa, brand-new 7+7+7, 2 car parks — SOLD | The national-brand covenant model at work; $343/m² rent supports the Fairfield/Subway thesis |
| 280 Queens Pde, Fitzroy North | 150 m² shop + dwelling, 5+5+5 to The Butchers Block — SOLD prior to auction | Village strips clear fast; underbid and you lose it |
| 342 Queens Parade | 120 m² village retail — sold at fiercely contested auction | Demand for this stock is hot; discounts are rare |
| 5/23-25 Gipps St, Collingwood | 50 m², $16,442 pa ($329/m²), leased to Adapt Solutions since 2016 — SOLD 25 Jul 2026 (lease to Sep 2026) | $329/m² inner-fringe rent benchmark; short leases still sell |
| 308–310 High St, Northcote | Double-fronted retail — sold $1.85M at ~4.4% | Prime-strip pricing anchor: 4–4.5% is what good stock costs |
| El Jannah, 173–177 Upper Heidelberg Rd, Ivanhoe | 429 m² on 540 m², 15-yr net lease, $344,000 pa, ~6% → implies ~$5.7M; auction 8 Sep 2026 | Aspirational benchmark only — national-tenant QSR at 6% on a $5M+ freehold; proves the covenant premium, not buyable |
Market context
- Collings SMSF guide: strata retail in strong strips from $400,000, gross yields 5.0–8.0%, typical leases 3–7 yrs — the segment is deep and SMSF-eligible (LRBA 60–70% LVR)
- Fitzroys Beaumaris: 90 m² shop, $1.1M at 4.4% on a brand-new 5+5 lease — confirms 4–4.5% is the going rate for contracted small retail
- Shop 6/2 Queen St Melbourne (37 m², Flinders St frontage, longstanding tenant) went to auction as a sub-$1M opportunity — micro-boxes with tenants are a recognised segment, not oddities
🎯 Eva's Read — updated shortlist
| Rank | Asset | Price | Why |
|---|---|---|---|
| 1 | Bulleen 24 Manningham (house) | $785k reserve | Land + RGZ2, unchanged |
| 2 | Shop A Newlands Rd, Coburg North | $389k, 4.88%, tenant contracted | New entry — stated rent, cheapest contracted income found |
| 3 | 4B Westbrook Kew East | $295k+GST, to 2031 CPI+ | Rent to be verified; pairs with Coburg North under $700k |
| 4 | 1/306 Station Fairfield | $650–700k, Subway | Rent to be verified |
| 5 | 31-35A Johnson St Reservoir (mortgagee) | From <$500k, 4 leased | Follow up for passing rents |
| 6 | 23 Adam Montmorency | $700–770k | Bottom-of-guide only |
| 7 | Shop 5/387 Thornbury | — | Rent too thin |
| 8 | 8 Breese Brunswick | $850k | Over budget — watch for reduction |
| 9 | 6 Kensington Mulgrave | $780–858k passed in | Only ≤$750k |
| 10 | 120 Hoddle Abbotsford | $700–770k | No income visibility |
| — | Bridge Rd / Victoria St | — | Avoid |
Suggested next actions: (1) Coburg North — request s32 + lease schedule, confirm tenant and outgoings; (2) Reservoir mortgagee — call Love & Co for the rent schedule on the four leased units; (3) 4B Westbrook — get passing rent in writing. All three can run in parallel.
Sources
- Raine & Horne Brunswick — Shop A/84-86 Newlands Road Coburg North, $389,000, $19,000 pa, 2+2+2 from Feb 2026: https://www.rhcommercial.com.au/brunswick/properties/shopa-84-86-newlands-road-coburg-north-3058-victoria
- NSL Property Group — 8 Breese St Brunswick, $850,000, national brand, $40,000 pa: https://www.nslpropertygroup.com.au/property/222/8-breese-st-brunswick-vic
- Love & Co — 31-35A Johnson Street Reservoir mortgagee sale, six units from under $500k: https://www.lovere.com.au/property/8737001-31-35a-johnson-street-reservoir-vic/
- CommercialReady — 501 Plenty Road Preston sold ($60,000 pa, 7+7+7 Augustus Gelatery): https://www.commercialready.com.au/properties/501-plenty-road-preston-vic-3072-31228
- Fitzroys — 280 Queens Parade Fitzroy North sold prior to auction (5+5+5 Butchers Block): https://fitzroys.com.au/property/148327-280-queens-parade-fitzroy-north-vic-3068
- RWC Oakleigh — 5/23-25 Gipps St Collingwood sold 25 Jul 2026 ($16,442 pa): http://raywhitecommercialoakleigh.com/L21913030
- Commo/GWICR — 308–310 High St Northcote sold $1,850,000 at ~4.4%: https://commo.com.au/properties/2025/08/15/prime-northcote-retail-asset-sold-gross-waddell-icr/1755204223
- Stonebridge — El Jannah 173–177 Upper Heidelberg Rd Ivanhoe, 15-yr net lease, $344,000 pa: https://stonebridge.com.au/listing/173-177-upper-heidelberg-road-ivanhoe
- Gross Waddell ICR — El Jannah Ivanhoe auction 8 Sep 2026: https://www.gwicr.com.au/sale/173-177-upper-heidelberg-road-ivanhoe-vic-3079
- Fitzroys — 342 Queens Parade fiercely contested auction: https://fitzroys.com.au/news/360863-local-buys-inner-north-village-gem
- Collings — SMSF retail investment guide (strata retail from $400k, 5–8% yields): https://collings.com.au/smsf-retail-property-investment
- Fitzroys weekly wrap 10 Jul 2026 — Beaumaris 90 m² $1.1M at 4.4% on 5+5 lease: https://www.fitzroys.com.au/news/361288-fitzroys-weekly-wrap-10-july-2026
Property Deep-Dive — 4A & 4B Westbrook St, Kew East VIC 3102
Date: 2026-10-15 · Desk: Eva · Brief: live listing assessment as an investment (≤$700k budget, yield + capital growth) Follows: Richmond & Fairfield corridor study + Thornbury Shop 5 + Fairfield 1/306 + Bulleen 24 Manningham + 120 Hoddle Abbotsford (all 2026-10-15)
Property Deep-Dives — 23 Adam Crescent, Montmorency + 6 Kensington Court, Mulgrave
Date: 2026-10-15 · Desk: Eva · Brief: investment assessment (≤$700k budget, yield + capital growth) Follows: Richmond/Fairfield corridor + Thornbury Shop 5 + Fairfield 1/306 + Bulleen + 120 Hoddle + 4A&4B Westbrook (all 2026-10-15)