Fitzroy’s Copacabana building sells

The former Foy & Gibson department store, now predominantly offices, rises four storeys next door to 131-143 Smith Street.

The prominent Fitzroy building part occupied by popular restaurant, Copacabana International, has sold for a speculated $11 million.

At 131-143 Smith Street the 1206 square metre rectangle shaped Commercial 1 zoned site has significant development upside, next door to the historic four level Foy & Gibson converted department store and near a proposed eight storey office.

It was also marketed as an investment, with 1846 sqm of area tenanted to three restaurant businesses (story continues below).

Miles Real Estate’s Paul Evans, Tim Mitchell and Jonathan Rizzo campaigned the property at the Collingwood suburb border during the COVID-19 lock-down.

Their deal marks the third under-utilised but high profile Fitzroy building on Commercial 1 zoned land to sell recently – following Kindness House at 276-294 Brunswick St (for c$12m) and 1-9 Gertrude St, near the Carlton border ($8.9m).

The Smith Street, Fitzroy, building is configured with three tenancies including Copacabana International (below).
Part of Brazilian dining and live show restaurant, Copacabana International’s space.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco