Dustin Martin, Ralph Carr reoffer historic Melbourne investment
EXCLUSIVE
Three time Richmond premiership player Dustin Martin and his long-time manager Ralph Carr are again testing the market with a Melbourne commercial property investment.
The historic two level restaurant, 297 Victoria Street, Abbotsford (pictured, top), at the Richmond border – a hospitality precinct marketed as Little Saigon – has been held seven years.
As part of a consortium with a third investor, they paid $1.9 million.
It was refurbished and in 2019 let to café florist La Fantasie.
In 2021, it was re-leased to Vietnamese eatery TungThit which still occupies paying annual net rent of $150,818.
Teska Carson’s Rory Teska, Larry Takis and Brendan Fu are marketing the property which was also offered mid-last year.
Since 2016 Mr Martin and Mr Carr have assembled a sizeable portfolio of refurbished inner east Melbourne warehouses and mixed-use buildings typically adding value through refurbishment and new leasing, in recent years returning some assets to the market.
One is at nearby 367 Victoria St, Abbotsford – leased in late 2019 after a repositioning.
It failed to sell after a public marketing campaign in late 2024 – also the year Mr Martin retired from the AFL after 15 years and 302 games. all with the Tigers.
The 2017 Brownlow Medal winner and Mr Carr paid $3m for this two storey building, again in 2019.
They repositioned the 505 sqm building too.
The pair also own a row of five investments in Butler St, Richmond (continues below).
One, Butler House, formerly known as the Jane Hall building, was refurbished as a swank office/showroom.
297 Victoria Street
On 243 square metres zoned Commercial 1 with four car parks at the north east corner of Charles St, 297 Victoria is leased until 2029 when TungThit will be presented with the first of two five year options.
The initial (eight year) lease has fixed three per cent rent rises.
The building contains 360 sqm including a commercial kitchen; it is in the heart of an established restaurant precinct, about two kilometres east of the CBD.
It is also near the Craftworks office which replaced an old studio occupied for years by Rove McManus’ Roving Enterprises.
The 297 Victoria St building has previously contained a ground floor shop and upstairs office.
Based on the net passing income, and a yield between six and seven per cent, Mr Martin and Mr Carr could expect $2.2-$2.5m.
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