Offshore investor snaps up trophy ex-bank
A Singaporean investor outbid five suitors at auction this week for one of inner-city Melbourne’s most distinctive strip retail buildings.
The art deco ex-Commonwealth Bank at 282-284 Carlisle Street, Balaclava, fetched $4 million – a 4.25 per cent return.
For a decade until 2020 occupied by Ilona Staller – and for years before that, a Red Rooster, it contains 325 square metres of renovated space over two floors.
Commune Group is the tenant nowadays, trading as Moonhouse; an initial lease expires in 2031 but with options, it can stay a decade more.
The hospitality group operates other boutique inner city venues, amongst them, Firebird, Hanoi Hanna, New Quarter, Tokyo Tina and Studio Amaro.
The Commercial 1 zoned site, at the north east corner of Nelson St, spreads 334 sqm, with parking (story continues below).
Fitzroys’ Ben Liu, Chris Kombi and Tom Fisher were the agents.
The deal comes 18 months since Coles bought a supermarket it occupied, in the immediate area.
In 2018 meanwhile, Moose Toys founder Manny Stul and his stepson, Paul Solomon, spent $22.25m for Beller House, on 2720 sqm covering 281-289A Carlisle St – about two blocks away.
Balaclava is seven kilometres south east of Melbourne’s CBD.
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