Brewhouse sold, to be repurposed after Endeavour pre-commitment
EXCLUSIVE
BE Capital has bought a former Asahi-backed restaurant after using a seven month settlement to obtain a permit to repurpose it as a neighbourhood shopping centre and pre-committing Endeavour Group for a Dan Murphy’s.
The 5496 square metre Commercial 1 zoned ex-Matilda Bay Brewhouse at 336-364 Maroondah Highway, Healesville, cost the Melbourne based asset manager $6 million.
The seller paid $8m in 2019.
In that campaign, the enormous hospitality and wine production facility – there is 2203 sqm of trading space – was offered with a 10 year lease returning $470,000 per annum net ex-GST.
It was listed for sale in late 2024 – six months after Asahi made the surprise announcement to shut.
BE agreed to buy it May.
Settlement occurred December 29, by which time BE had the permit and pre-commitment – outcomes it said significantly boosted value.
JLL’s Stuart Taylor was the agent.
Value added permit, pre-commitment
BE applied to repurpose the property, also formerly the Giants Steps winery, in August.
It was then zoned Commercial 2 (continues below).
With 175 metres street frontage and 178 car parks, the permit will retain the restaurant – which will be extended into a mezzanine office.
Endeavour Group, for a Dan Murphy’s, pre-committed to 35 per cent of the retail space for an initial 10 years.
Also with a hospitality component, the ASX-group is expected to consider the restaurant space.
“Since contracting for the asset in mid-2025, we have substantially derisked the transaction and laid the foundation for yet another exceptional outcome for the group and our capital partners,” BE Capital founder and joint managing partner, Chris Carron, said.
“[This includes] full planning approval secured for change of use, refurbishment and new tenancy configuration,” according to the executive.
There value has also increased – the asset acquired vacant at 50pc of replacement cost, he added.
The centre is expected to open July.
Considered to be at the doorstep to the Yarra Valley, and near Beechworth Bakery, the property is 64 kilometres north east of the city.
BE Capital also recently acquired a prominent 6714 sqm Docklands site beside the Bolte Bridge previously earmarked for a major Build to Rent project. A 50 storey residential building is planned.
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