July 17, 2026 — 5:00amCapital GainA tower in Little Collins Street has sold for less than half of its $83 million post-pandemic purchase price in a deal that is a brutal, and razor-sharp, haircut for the vendor, an unlisted Lendlease fund.The 15-storey B-grade tower at 459 Little Collins Street is understood to have sold to a local private investor for just $36 million. The buyer beat five other bidders to snare a bargain.459 Little Collins Street, MelbourneLendlease’s then newly established Real Estate Partners 4 bought the 9912-square-metre office from the Werdiger family in 2022, with plans to put it into a 10-year fixed life fund.The tower, on a 1053-square-metre site, was part of a possible development play as the fund also spent $194.5 million on a building at its rear, at 440 Collins Street.Once a property investment and development behemoth, Lendlease is a shadow of its former self and has been divesting most of its assets overseas and some locally. The ASX-listed company trades at about $3 a share – a quarter of its 2022 peak.Cushman & Wakefield’s Daniel Wolman, Oliver Hay and Leon Ma handled negotiations but declined to comment.Following that deal, 505 Little Collins Street, on the other side of William Street, has hit the market.The vendor is AEW Capital Management, a Boston-based property investor, which paid $154 million for the 12-storey tower in 2020 and spent more than $20 million tarting it up.AEW bought the 11,269-square-metre A-grade building from Credit Suisse, a global investment giant that crashed in 2023 after 167 years of operation.505 Little Collins Street.Cushman & Wakefield’s Leigh Melbourne and Nick Rathgeber, who are running the campaign, are expecting about $100 million.And down the street at 430 Little Collins Street, several lots at Normanby Chambers are up for sale through corporate undertaker KordaMentha.The four ground-floor units are leased to Scott Pickett’s Chancery Lane Bistro for 10 years and form part of the property portfolio jointly owned by the collapsed First Guardian Holdings and Pickett Holdings.Last year, there were high hopes for $10 million, but that price has since been revised to about $7 million.430 Little Collins Street.Colliers’ Matt Stagg, Christian Hatzis and Tim McIntosh have the listing.Don BoscoHere at Capital Gain, we like to keep a close eye on the property dealings of the various wings of the Catholic Church. The latest listing is the Don Bosco Hostel & Youth Centre in Brunswick, which is on the market for the first time in 87 years.A spokesperson for the Salesian Society, established by Don Bosco in the 19th century, said the property was identified as an underutilised asset.The 2975-square-metre complex at 707-737 Sydney Road is one of the last substantial properties on the strip and takes up a large chunk of the block between Albion and Tinning streets.The Don Bosco Hostel at 707-737 Sydney Road, Brunswick.It includes a 30-room dormitory, a 450-square-metre function space, a commercial kitchen, offices and a chapel. It is offered with vacant possession.Melbourne Acquisitions director Dominic Gibson is handling the sale.At least the Salesians aren’t transferring it for a dollar to another related party, which the Christian Brothers did with several prestigious private schools. The hostel should fetch more than $10 million.Meaty deals have been in short supply in Brunswick. Last year, investors paid $12 million for the Bunnings outlet at 415 Sydney Road. And Aesop founder Dennis Paphitis has lodged an application for a townhouse project on the old Brunswick Market site.Suburban officeEducation technology group Compass is moving across the road to Growthpoint’s 109 Burwood Road office, and now its old Hawthorn headquarters is up for sale.It is opposite St James Park and next door to a building that sold earlier this year for $16.82 million.36-38 Burwood Road, HawthornSydney-based developer Abadeen is planning to demolish No.40 and build a multi-storey residential project, and a similar fate could befall No.36-38 if a developer has deeper pockets than owner occupiers or investors.It’s on a 1214-square-metre parcel of Commercial 1 zoned land and is expected to fetch more than $15 million. Records show it last changed hands in 1995 for $2.7 million.Compass’ lease expires in November 2027, but it’s moving early into 1585 square metres at Growthpoint’s office. In the meantime, it’s paying $533,552 a year in rent.Colliers agent Tom Rothel negotiated the leasing deal, while Colliers’ Ben Baines, Jozef Dickinson, Alex Browne and Philip Heberling have the listing.Charter Keck Cramer’s Steve Kingston and Lachlan Devine are acting as transaction managers for the vendor.Also up for sale in the east is a vacant office at 1186 Toorak Road in Camberwell, which is expected to sell in the high $3 million range. Clinical research centre Emeritus recently vacated the 882-square-metre, two-storey building. It’s on a 733-square-metre parcel of land with parking for 28 cars.The Royal College of General Practitioners sold it to a private investor in 2003 for $1.92 million.Fitzroys agents Chris James and David Bourke have the listing.On a missionA Kings Way office, leased to Melbourne City Mission for nearly 15 years, is back on the market.The building, dubbed Kings Domain, is the last remaining property in a portfolio owned by the Siamidis family, which has sold in the past year under orders from the Supreme Court.About $10 million has already been reaped from the sale of shops in East Brunswick and North Fitzroy.The three-level building at 164-180 Kings Way and 14 York Street is on a 3422-square-metre site opposite the Mercedes-Benz showroom.It has four street frontages and mixed-use zoning, which allows for a range of potential new uses.MCM has one year remaining on its lease and pays about $1.35 million a year in rent. A billboard returns a further $150,000.City-fringe site: 164-180 Kings Way and 14 York Street, South MelbourneCushman’s Oliver Hay, Hamish Burgess, Daniel Wolman and Leon Ma are handling the campaign for Pitcher Partners and Australian Professionals Property Service.Court documents show Pitcher Partners was appointed in May 2025 to manage the sell-down of the portfolio after infighting between family members stalled repayments on a $16.87 million NAB loan.In March, a string of shops at 169-173 St Georges Road in the North Fitzroy village sold for $2.98 million to a group of Perth-based investors who are planning a refurbishment. Gross Waddell ICR agents Andrew Greenway and Alex Ham sold the property.Sold: 169-173 St Georges Road, North FitzroyThe 625-square-metre property is on a plum spot opposite the Edinburgh Gardens. It was once occupied by Konstantines Greek restaurant but has been shut for more than 15 years.Have another goDual-listed aged care developer Ryman Healthcare is having another crack at selling its Coburg North development site.The 2.5-hectare property, at 14-22 Gaffney Street, still carries a $40 million-plus price tag. Ryman paid $48.2 million in 2022.14-22 Gaffney Street, Coburg.The former defence clothing factory was one of a handful of sites bought by Ryman in the early 2020s that are now surplus to needs.Last month, Ryman sold its Kealba site in the north-western suburbs for $30.85 million.Cushman & Wakefield’s Hamish Burgess, Joe Kairouz, Oliver Hay and Leon Ma have the listing.The Market Recap newsletter is a wrap of the day’s trading. Get it each weekday afterMore:Commercial real estateFor subscribersOfficeAccommodationFrom our partners