Investor picks up flagship Lune store

Lune pays annual rent of $107,000 for 119 Rose Street.

The warehouse converted bakery and café which accommodates Australia’s flagship Lune has sold for $3.8 million.

With options, Lune can stay at 119 Rose Street until 2034.

At 119 Rose Street, Fitzroy, the result reflects a 2.8 per cent yield.

The Rose Street property has development upside.

Lune’s lease for the 403 square metre space expires in 2027 with a seven year option.

On a 416 sqm Mixed Use zoned site at the north west corner of Young St, off the Brunswick St retail strip, the property holds significant development upside after that – prior to signing up the bakery to a rental agreement, the holding was permitted for a project with 20 dwellings; it neighbours two four storey buildings.

Nelson Alexander’s Kristian Lunardi and Ethan Wong represented the vendor, which paid $2.86m in November, 2012.

Established 11 years ago by former Formula One engineer Kate Reid, Lune is headquartered in Armadale (story continues below).

Its Fitzroy store, which has made headlines for its long queues, opened about a decade ago.

The retailer has also set up in the Brisbane CBD and South Brisbane.

Another store is earmarked in Sydney at 60 Oxford St, Darlinghurst – part of AsheMorgan and TOGA’s Oxford & Foley project.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of