Kingsway’s Premier Double-Fronted Freehold Anchored by Two Global Fast-Food Tenants Hits the Market 

The Stonebridge Strip Retail Investments team is pleased to present a rare opportunity to acquire a dual-tenanted freehold in one of Melbourne’s most tightly held retail strips — 64–66 Kingsway, Glen Waverley, to be offered via Public on-site Auction on Wednesday, 18 September 2025 at 2:30pm (AEST). 

Situated in the heart of the Kingsway hospitality and entertainment precinct, the property is anchored by two internationally recognised operators — KFC, a global fast-food giant with over 29,900* restaurants across 125 countries, and HeyTea, a cult-followed premium tea brand boasting more than 3,400* outlets across 300* cities. 

64–66 Kingsway, Glen Waverley is offered with a passing income of $390,000*, with short-term reversionary potential exceeding $501,000*. 

Stonebridge Director Nic Hage noted, “Rental growth prospects are underpinned by a supply-constrained market and underutilised level one space.” 

This double-storey freehold comprises 670 sqm* of building area on a 374 sqm* double-fronted Commercial 1 Zoned site — making it one of the largest retail landholdings in this iconic precinct. 

Nic Hage further commented: 
“Kingsway is a precinct of generational owners that continues to outperform. The strength of the tenancy mix, unrivalled connectivity, established entertainment precinct, and surplus car parking continue to support growth in both rental and capital values. This is further bolstered by a constrained retail supply and ongoing public and private development.” 

The upcoming Suburban Rail Loop (SRL) is set to further amplify the precinct’s performance, with the project expected to service over 7,000* daily commuters and double Glen Waverley’s employment base by 2050. 

Stonebridge Partner Rorey James added: 
“Over the past decade, Glen Waverley has become a benchmark for suburban strip retail, with transactions reflecting yields between 1.8% and 3.5%, and rental rates now pushing beyond $1,200 per sqm*.” 

Notable Kingsway sales by Stonebridge include: 

• Grill’d Glen Waverley – $6,220,000 / 3.05% yield (record land rate: $33,804 per sqm*) 

• BreadKing Glen Waverley – $4,300,000 / 1.81% yield 

• IMB Bank Glen Waverley – $7,350,000 / 3.4% yield 

Rorey James concluded: 
“The market continues to take comfort in Kingsway’s fundamentals — minimal vacancy, excellent connectivity, ongoing development, and strong growth indicators. The international tenant profile and wide frontage of 64–66 Kingsway make this one of the most compelling offerings of 2025.” 

64–66 Kingsway, Glen Waverley will be offered via public on-site auction on Wednesday, 18 September 2025 at 2:30pm (AEST) by the Stonebridge Strip Retail Investments team.

For further information or to arrange an inspection, please contact the exclusive selling agents: 

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