Dustin Martin, Ralph Carr sell restaurant investment
A commercial property owned by ex-Richmond star Dustin Martin and his former manager Ralph Carr has sold for nearly $2.1 million.
The two-level restaurant at 297 Victoria Street, Abbotsford, was offered for sale again after the pair first tested the market last year, when expectation was $2.3-$2.5m.
With a third investor, the two paid $1.9m in 2019.
It was refurbished and leased to café-florist La Fantasie before Vietnamese restaurant TungThit took over in 2021.
The tenant pays about $151,000 a year net rent, with the lease running until 2029 and two further five-year options.
Carr’s conviction
The sale comes a week after Mr Carr, 66, was identified as the Melbourne businessman who was convicted of two counts of rape and one count of sexual assault.
A jury found him guilty last month following a three-week trial. In custody he is due to face sentencing next week.
The executive has maintained his innocence and intends to appeal (continues below).
Mr Carr managed Mr Martin for much of the AFL player’s career. The footballer retired in 2024 after 302 games and three premierships.
Renovated investment
The 243square metre Commercial 1-zoned property, on the north-east corner of Charles Street, contains about 360sqm including a commercial kitchen and four car spaces.
In the Victoria St restaurant strip, it is two kilometres east of Melbourne’s CBD.
It is one of several inner-city investments assembled by the pair, who have progressively refurbished and leased commercial properties. They are in Richmond and Abbotsford.
Teska Carson’s Rory Teska, Larry Takis and Brendan Fu marketed 297 Victoria St.
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