The prominent Fitzroy building part occupied by Copacabana International restaurant 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; it is 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 marketed the property during the COVID lock-down.
Their deal marks the third under-utilised but high profile Fitzroy building 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).