Brunetti owner buys cafe, factory from landlord
EXCLUSIVE
Brunetti Oro owner Yuri Angele has bought a sizeable inner north restaurant and commercial kitchen from his landlord of 10 years.
The café operator agreed to pay $6.2 million to prevent 48-54 Weston Street, Brunswick, being put up for public sale.
The result reflects a 3.88 per cent yield; Brunetti Oro’s lease was set to expire in 2026 or 2036 with options.
With 1600 square metres including a renovated dining space opened early last year, the single storey brick building on 1822 sqm, zoned Industrial 3, was previously occupied by The Fresh Cheese Company, co-owned by Kay & Burton director Gerald Delany.
“The property boasts a prime location with 46 metres of street frontage…situated between bustling Lygon St and vibrant Sydney Road,” CVA Property’s Ian Angelico, who brokered the surprise off-market sale, said.
“The site is also conveniently located 700m from Jewell station and less than 300m from Brunswick Rd,” he added.
ISPT’s Barkly Square is also in the pocket.
Brunetti Oro, Classico grow again
Established in 1956 and owned by the Angele family since 1991, the Brunetti Group was split into two entities in 2021; Yuri’s brother, Fabio, controls the other, Brunetti Classico, which we are reporting today leased a Coburg North outlet on Newlands Rd (story continues below).
Brunetti Oro’s flagship is in the city’s Flinders Lane.
It also has a tenancy in the Bourke Street Myer store.
“The tenant was quick to commence negotiations with the vendor – securing the site for their production and retail ventures,” Mr Angelico said.
“This sale underscores the strategic value of prime positioning in vibrant neighbourhoods and the strong demand for well located properties in Melbourne’s inner north,” he added.
The deal comes two years since Wulff Projects snapped up a 2679 Commercial 1 zoned site in Victoria St, Brunswick, for $4.85m.
Mirvac is also behind two developments in the suburb – one, mid-construction on Albert St, set to be retained as a build to rent investment, and another on the north east corner of Park St and Sydney Rd, earmarked for apartments.
Hines and Stockland are other institutional residential developers holding blocks in the suburb, six kilometres from town.
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