239-241 Bay Street, Port Melbourne, Vic 3207

Victorian Real Estate is pleased to present 239-241 Bay Street, Port Melbourne – offered for Private Sale.

Nestled in the heart of Port Melbourne’s vibrant retail precinct—just moments from the iconic beachfront, lush parklands, boutique residences, renowned cafes, restaurants, and major transport links—this exceptional freehold opportunity offers outstanding versatility and long-term value.

Currently returning a generous rental income of  $111,980.88 p/a +GST/ +Outgoings, this rare bayside holding is perfectly suited to investors, future owner-occupiers, or developers seeking to capitalize on secure tenancies, consistent returns, and significant future growth potential in one of Melbourne’s most tightly held and sought-after bayside locations.


Property Features:

239 Bay Street, Port Melbourne -

- High-profile retail tenancy (Optometrist)
- Long-term lease: 5×5 years (commenced Nov 1, 2023)
- Features: High ceilings, polished floorboards, reverse-cycle A/C
- Functional layout with treatment room, 2 large workrooms with wet areas
- Internal access to communal rear courtyard
- Includes annual CPI market reviews


241 Bay Street, Port Melbourne -

- Established tenant (Podiatrist)
- Secure lease: 3x3x3 years (commenced July 1, 2023)
- Well-configured with 2 front offices, reception, staff room, and storage/prep area
- Access to shared rear courtyard
- Includes annual CPI market reviews


1/239 Bay Street (First Floor) - 

- Spacious 1-2 bedroom apartment with private access
- Features: Skylit lounge with original brickwork, gas kitchen, open fireplace, private deck
- Fully tiled bathroom with laundry facilities & walk-in storage
- Rear access and car space via Lalor Street (subject to O/C approval)
- Ideal for continued leasing or future owner-occupier use

Price: $2.2M - $2.3M 

Inspections by appointment 

For further information regarding this property, please contact Colin Rounds – 0419 015 879