The freehold of Karen Martini’s Mr Wolf restaurant has finally sold.
The 130 square metre premises at 9 Inkerman Street, St Kilda, found favour with a Sydney based buyer, who spent $1.1 million.
Based on the annual rent Ms Martini (pictured, top) pays – $65,205 plus outgoings and GST – the investment is selling on a net passing yield of about 5.9 per cent.
The strata-titled restaurant is on the ground floor of an apartment complex developed about 15 years ago.
It is near the busy intersection of Barkly and Grey streets.
The Acland and Fitzroy street retail strips are a few hundred metres away – as is St Kilda Beach.
A revered chef and author, Ms Martini is a judge on hit TV show My Kitchen Rules.
The businesswoman has occupied 9 Inkerman Street as the pizza restaurant since 2004.
With options, Ms Martini could continue renting at the building until 2032.
“We are experiencing a surge in investor interest in well located retail properties,” Mr Baxter said.
“And with interest rates so low, properties like this are significantly cash flow positive from day one”.
The vendor first offered 9 Inkerman Street for sale in 2017, before withdrawing it.
In June we reported that My Kitchen Rules producers leased a $12.5 million-plus mansion in Sydney’s Bellevue Hill for a series filmed for 42 days from July 1.
Last week we reported that Dexus leased the restaurant space recently vacated by another celebrity chef, Matt Moran, in Brisbane’s Eagle Street Pier precinct.