Melbourne institution the Vegie Bar sold before auction
EXCLUSIVE
The buildings which since 1988 have accommodated the popular Vegie Bar have sold before auction.
The hospitality group buyer is paying $4.2 million for 378-380 Brunswick Street, at the north east corner of Rose, in Melbourne’s inner north Fitzroy.
The result reflects a 5.76 per cent yield.
Two local investors also made pre-auction offers.
Stonebridge Property Group’s Nic Hage, Ian Lam and Rorey James represented the vendor.
The result follows the sale last month of the neighbouring property – 382-382A Brunswick St – for $2.33m.
“The appeal of Fitzroy and Collingwood as a world class entertainment precinct continues to underpin strong demand for high exposure strip retail corners,” Mr Hage said.
“While 378-380 Brunswick St sold prior to auction, the campaign was highly competitive with an initial offer triggering a wave of follow-up positions before an experienced hospitality group secured the asset at a price reflecting a land rate of almost $15,000 per sqm,” he added.
$6.5m sell down
On 286 square metres zoned Commercial 1, 378 and 380 Brunswick St contains 364 sqm, with one building rising two floors (continues below).
All up there is about 35 metres street frontage.
The asset also has a late night liquor licence.
Established in 1988 by Laki Papadopoulos and his wife Marian, now owned by Laki Papadopoulos and Mark Price, it was marketed the restaurant can stay at the building with options until 2040.
The executives just signed a five year lease with fixed three per cent annual rent rises.
The deal comes three months since we reported B&B Property Group, led by Stephen and Ben Buxton and Stefano Paciocco, acquired the ex-Acme Shirts factory in the suburb with plans for 57 apartments in two buildings, the tallest rising eight floors.
Also late last year, the Grollo family’s CASA was permitted to replace Brunswick St, Fitzroy’s, Woolworths supermarket with an apartment-based mixed-use project over 11 floors.
That asset – a 4200 sqm holding – traded for c$40m in 2024.
Emmetts Real Estate’s Charles Emmett was the agent.
This pocket of Fitzroy is about three kilometres from town.
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