Asian investor snaps up waterfront restaurant
An Asian investor has snapped up a prominent former restaurant, overlooking Port Phillip Bay and the city, in the heart of Williamstown’s retail precinct.
The double fronted ex-Mascalzone Pizzeria at 217-219 Nelson Place collected $2.76 million.
On 1028 square metres, also fronting Aitken Street, it contains 428 sqm of space over two floors, renovated after a fire in 2023.
Upstairs is configured as offices.
Large waterfront site
The vendor held over 80 years.
“The process drew significant interest from locally based and interstate investors together with value-add buyers seeking to re-lease the property and activate surplus land.” director of the broker’s Strip Retail Investments arm, Nic Hage, who brokered the deal with Dylan Kilner, Rorey James, Kevin Tong and Ian Lam, said.
Based on the previous annual return (c$90,000), the result reflects a c3.3 per cent yield, he added.
“Waterfront real estate and land rich assets are highly regarded by Asian investors with scope for future development being a key attraction,” according to Mr Lam.
Mr Tong added “many…buyers aren’t new to Australia – they’ve been in the market 6-12 months actively watching for opportunities”.
“What sets them apart is their decisiveness and long-term view especially when high-quality assets are presented,” he said.
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