Occupier buys Flinders Lane shop
Cha Cheng Group has bought the ground floor retail space within a historic building, in the prime section of Flinders Lane, between Elizabeth and Queen streets.
The vacant 304 square metre tenancy will make way for the company’s third restaurant.
The other eateries are also in the street.
Formerly occupied by Tailors Clothing, it neighbours 325 Flinders Ln which the former owners of men’s fashion group Harrolds, the Poulakis family, listed earlier this year.
That office with ground floor retail, Customs House, carries c$23m price hopes.
After collapsing 12 months ago, Harrolds was purchased mid-year by two former employees, Arasch Enavat, a store manager for 15 years, and Gino Pagano, the company’s state manager since 2007.
Tomasetti House is also in the vicinity – at 277-279 Flinders Ln.
Bought by Sydney hospitality guru Justin Hemmes in 2021, that historic property is set to be Merivale venue.
Renovation needed
Cha Cheng Group paid $1.9 million for ground/333 Flinders Lane, a few hours after auction last week.
Other suitors were looking to repurpose it as retail or offices, Cushman & Wakefield’s George Davies, who brokered the deal with Anthony Kirwan, and Jack Cooper, said.
“While the property required a full refurbishment, its location and potential proved compelling for owner occupier,” he added.
“This sale highlights the resilience of Melbourne’s CBD retail strata market and the continued demand for well positioned assets, even those requiring significant capital works”.
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