China Tea House Chapel Street For Sale

Less than a year after prominent restaurateur John Che leased the former Bennigans restaurant and bar in Chapel Street to open his latest business, the building is up for sale.

The China Tea House at 352 Chapel Street is one of two businesses run by Mr Che, one of Chapel Street's longest-standing and most recognised restaurateurs.

Last November, Mr Che leased the 400-square-metre building at a starting rent of $160,000 a year.

The shop has a 9.3-metre frontage to Chapel Street, rear access from Bray Street and is expected to sell for about $3.5million.

CB Richard Ellis selling agent Chris Tsolis said Chapel Street had resisted recent quivers in the commercial property market, with the most recent property selling on a low yield of about 4.5%.

He said retail vacancy rates on Chapel Street are at a low 2.55%.

Generally, a vacancy rate below 6% is considered healthy for the suburban strip retail market.

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