Mount Waverley restaurant leased to hospitality mogul Julien Moussi trades on 70th bid

A Mount Waverley café leased to high-profile operator Julien Moussi (pictured, top) sold at auction last month for $1.555 million.

The sale price reflects a 4.58 per cent passing yield based on the annual rent of $71,240 which Mr Moussi’s restaurant, Stanley, pays.

63 Stanley Avenue, Mount Waverley, sold for $1.55 million last month.

Jones Real Estate agents Sam Guest and Paul Jones said 70 bids were received from three interested parties.

In the end, an offshore-based, retired investor, made the winning offer for 63 Stanley Street, about 16 kilometres south east of the Melbourne CBD.

The 185 square metre former milk bar occupies a 185 sqm site zoned Commercial 1 at the north-west corner of Ian Grove.

The corner building offers 185 square metres of lettable area.

Stanley opened last May. With lease options, Mr Moussi has the option to stay on as tenant at the property until 2038.

The hospitality venue operator started his career service coffee from a cart at the local footy eight years ago.

He opened his first venue in 2012 – later opening 13 more (some which have sold) and a coffee roaster.

A milk bar once occupied the Mount Waverley building, which occupies a 185 square metre plot zoned Commercial 1, which would allow for major redevelopment.

Mr Moussi’s various businesses employ more than 120 people.

The restaurateur founded Stanley with his wife and company business manager, Kristy-Lea Moussi.

Other restaurants within the pairs portfolio include Bentwood in Fitzroy, Clubhouse in Malvern, Legacy and MOB, both in Camberwell, Penta in Elsternwick and Tinker in Northcote.

An aerial image of the site (outlined) relative to the Melbourne CBD, 16 kilometres away.

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Marc Pallisco

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

Marc Pallisco