Coffee roaster and restaurateur Julien Moussi has picked up another ex-milk bar to occupy, this time in Melbourne’s south east McKinnon.
At an auction on Wednesday, the Only Hospitality Group director outlaid $1.106 million for 83 McKinnon Road (pictured, top), on the north east corner of Wheatley, where it has a second entrance.
The renovated 98 square metre shop was until recently occupied by a florist.
The site spreads 185 sqm also with access to a lane connecting it to Wattle Grove Reserve.
Fitzroys’ Tom Fisher and Mark Talbot were the agents.
Jones Real Estate’s Paul Jones acted for the buyer.
Earlier this week, another coffee roaster and restaurateur, Salvatore Malatesta, offloaded the compact South Melbourne building which has in recent years been the headquarters for his St Ali brand.
Another OHG cafe hits the market
Mr Moussi has established more than two dozen hospitality venues, mostly in Melbourne’s middle ring suburbs but also in the inner city – including a Collingwood bar – and Geelong; OHG is a multi-million dollar business.
Last November, the executive sold a Vermont property with a 10 year leaseback for $1.52m, reflecting a 4.83 per cent yield (story continues below).
On 196 sqm at 37 Centre Rd, that property was also a former milk bar.
In 2019, a Stanley St, Mount Waverley, corner store occupied by OHG traded for $1.55m – a 4.58pc return.
Early next month, Mr Jones will auction another highly-exposed asset leased back to Mr Moussi in the suburb – at 47 Marianne Way, on the north west corner of Jacqueline Rd.
On 216 sqm, the fully refurbished space with outdoor dining opened last Friday as Hamlet.
The starting annual rent is $75,000 with fixed three per cent rises.
OHG also picks up the GST and outgoings.
The guide is $1.15-$1.25m.
Sam Guest, Tim Spargo and Luke Peric are co-agents.
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