Buyers Feast on KFC & HeyTea Glen Waverley
A crowd of over 150 witnessed one of 2025’s most competitive auctions as 64–66 Kingsway, Glen Waverley, sold for $9.39 million.
Stonebridge Property Group’s Nic Hage and Rorey James offered the property together with the firm’s Asia Practice team – Ian Lam, Kevin Tong and Chao Zhang.
The freehold investment was anchored by retailers KFC and HeyTea, with level one occupied by 13 boutique office suites. Offered with long-term leases and providing a net income of ~$281,000 (after taxes), the asset was set to appeal to passive investors.
In a spirited display of bidding, the property sold under the hammer for $9,390,000. The agents noted, “Bidding surged once the property was called ‘on market’ at $7,100,000, where four groups aggressively competed to secure the freehold.”
Hage added: “The broader market can take a lot of confidence from the outcome. A sub-3% yield for a passive investment is a strong sign of market sentiment and has been a rare occurrence over the past 18 months. We also see the result as complementary towards the strip retail sector, especially in light of some of the results occurring in the CBD — buyers clearly see growth in suburban markets.”
The State Government’s Activity Centre Program and the rezoning around Suburban Rail Loop hubs are poised to increase the density of many of Melbourne’s suburban retail precincts – an outcome that could be driving demand within the strip retail investment sector.
Stonebridge’s Asia Practice member Ian Lam noted: “The top two groups were not traditional strip retail investors and generally invest in the institutional space. Our National Shopping Centre team was instrumental in the process, sourcing a key bidder who was looking at the asset outside of traditional investment metrics. They wanted an asset that they could pass down through generations.”
The result reflected a sharp net yield of 2.99% and a land rate of $25,270 per sqm – just shy of the record $34,000 per sqm land rate achieved for 89 Kingsway, Glen Waverley, which the Stonebridge duo sold in 2022.
For further information, please contact:
Nic Hage | +61 448 782 594 | NHage@stonebridge.com.au
Rorey James | +61 439 400 081 | RJames@stonebridge.com.au
Ian Lam 林煒峻 | +61 416 621 859 | ILam@stonebridge.com.au
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