Albert Park Village Freehold Sells After 37 Years of Ownership
A commercial building in Melbourne’s Albert Park Village has changed hands after 37 years under the ownership of property investor and lawyer Peter Mitrakas. The property, at 95–97 Dundas Place, is an Art Deco building currently occupied by Woolworths Metro, which moved into the premises in late 2021.
Mitrakas bought the building from the Commonwealth Bank in 1990 for $985,000. Before its current use, the property operated as a Commonwealth Bank branch until 2019.
Albert Park Village Freehold Attracts Six Offers
The sale campaign drew six offers, according to Real Estate Source. The expressions-of-interest process closed at the end of September 2026.
The final sale price has not been disclosed. However, the selling agents indicated that the property sold for more than $6 million. It had initially been marketed with price expectations of $7.4 million or more. The reported net passing yield was around 4.25%.
The site covers approximately 388.5 square metres and is zoned Commercial 1, allowing a range of commercial uses.
Woolworths Metro Remains the Tenant
Woolworths Metro is three years into its seven-year lease at the property. The agreement also includes four five-year renewal options, with the first option available after the initial lease term.
The existing tenancy is an important part of the property’s current investment profile. Rather than being an empty building awaiting a new occupier, it continues to serve as a retail location for the supermarket chain.
Other properties along Dundas Place have also changed hands in recent years. Aurora Developments and Investments bought the property at 93 Dundas Place, next to the Woolworths building, for $4.05 million. The site measures 235 square metres.
Further along the street, 99 Dundas Place, home to Italian restaurant Ricardo’s, sold for $3.875 million in late 2025.
A 37-Year Ownership Comes to an End
The sale brings Mitrakas’s long association with the Albert Park property to a close. His investments have also included commercial buildings on High Street in Melbourne’s Armadale area.
He has owned architect-designed residential properties as well. In 2006, Mitrakas acquired two houses designed by Robin Boyd at Long Forest, northwest of Melbourne, along with a library designed by Sir Roy Grounds. Those properties were sold in 2024.
For the Albert Park building, the change of ownership comes with its existing retail use intact. Woolworths Metro remains in place under its current lease, keeping the property active within the village’s shopping strip.
