Waiters Restaurant operators sell CBD building
An occupier – not Justin Hemmes or Chris Lucas, who own neighbouring properties, or the business which rents part of it, has paid $3.2 million – a low 1.66 per cent net passing yield – for 20 Meyers Place, between Bourke Hill and Little Collins Street.
The two storey terrace, since 1947 servicing hospitality staff, at one stage with a nightclub, then known as the Italian Waiters Club, was offered by brothers Denis and Sergio Sabbadini, who operate the since rebranded Waiters Restaurant upstairs.
The pair paid $260,000 in 1993 – about 18 months after the country’s last significant recession – also at auction.
It was listed this time around with optional vacant possession.
The incoming owner plans to occupy the ground floor.
Waiters will continue to trade.
Cushman & Wakefield’s Oliver Hay, Anthony Kirwan and George Davies were the agents.
Their deal comes a week since we reported Justin Hemmes’ Merivale would open its first Melbourne venue on the ground floor of 12-18 Meyers Place, next door to Waiters – a building the Sydney based publican bought in mid-2023.
Last year the Sydney based publican acquired a multi-level, c900-bay car park opposite there, 34-60 Little Collins St, from the City of Melbourne, for $55m, believed to be well below market value.
Mr Lucas meanwhile recently opened restaurant Maison Batard at 23 Bourke St – neighbouring 20 Meyers Pl to the east, divided by a laneway.
Pellegrini’s and Grossi Florentino are also in the pocket.
More to come.
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