Chef buys prime Collingwood warehouse
The chef behind the city’s Tipo 00 and Osteria Ilaria, and Brunswick East’s Grana and Figlia, is speculated to have outbid developers for a permit-ready Collingwood property he is expected to convert into an eatery longer-term.
The restaurateur outlaid $2.78 million for the warehouse converted A-grade office at 48 Oxford Street, abutting the popular South of Johnston café.
The asset is two holdings from the Lyf Hotel, where another revered cook, George Calombaris, in March opened a Greek themed restaurant, Orlo.
It is also a short walk to the newly completed Quest Collingwood, which replaced the Travellers factory at 79 Wellington St, the Smith St retail strip and a swag of new offices including Langridge Lanes which German fund manager DWS recently acquired for $77.5m.
48 Oxford Street
On 321 square metres, zoned Mixed Use, 48 Oxford St was offered with plans for a six storey building with ground floor retail, two apartments and offices (story continues below).
Two of the seven offers were from Asia-based investors; the asset is leased to health and wellbeing group Substance until January, 2025, with a three year option.
Based on the current rent (c$66,000), the sale price reflects a low 2.3 per cent yield.
It also values the (c226 sqm) building area at $12,300 per sqm.
Stonebridge’s Max Warren, Dylan Kilner and Shawn Luo were the agents.
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