Another inner city restaurant leased to a Witches in Britches business is for sale – this time in Fitzroy.
The double fronted, double storey investment at 310-312 Brunswick Street – between Johnston and Argyle, in the heart of the retail strip – is expected to trade for over $2.5 million at auction next week.
The tenant recently signed a 5+5+5 year lease; trading as Mexican restaurant Si Senorita, it pays annual net rent of $128,684 on an agreement with fixed four per cent yearly increases.
On a 166 sqm Commercial 1 zoned block, the property also has longer term development upside according to the agents, Gross Waddell ICR’s Raff De Luise and Julian Materia.
The offering comes 20 months since Roy Morgan Research owner Gary Morgan picked up a warehouse-converted-bar on 592 sqm in the suburb, on Moor St.
Licensed for 200 people, that property, which includes an upstairs apartment, cost $5.082m at auction (story continues below).
Several major developers have also bought major Fitzroy sites over the past two years including Beulah, Neometro and Piccolo.
The 312 Brunswick St listing comes five months since the freehold to the Witches in Britches restaurant on the north east corner of King and Dudley streets, West Melbourne, traded to developer Jinding for $7.288m.
It has since been speculated Witches in Britches could reoccupy a ground floor space in an apartment-based redevelopment.
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