A year since Shark Fin House vacated 131-135 Little Bourke Street – its home since 1989 – the property has been re-let.
Red Emperor – which has been based at Southbank since 1992 – has signed a 10 year lease for the four-level building.
The off-market deal was negotiated by Tiga Commercial’s David Sia and Nicholas Hii – acting for the tenant.
Jensen Woo, from JWC Property Group, represented the landlord – a Malaysian investor who acquired the asset for $14.5m two years ago, a price which reflected a 3.6 per cent return.
Shark Fin House closed last February; it was one of the earliest local businesses to collapse because of COVID.
Red Emperor will operate the Chinatown building alongside its Southbank operation.
“We’re currently undergoing the refurbishment works and are very excited for what’s ahead,” restaurant owner, John Lin, said (story continues below).
“We have been searching for the right location and premises for years now,” he added.
“The timing and opportunity to enter the Chinatown precinct has worked out very well for us”.
Mr Hii added demand for retail stock has increased with COVID lockdown conditions over.
“We continue to see increased demand for prime locations within the Melbourne CBD,” the agent said.
“We are currently negotiating several deals within the Chinatown precinct, with confidence growing in the marketplace,” colleague, Mr Sia, continued.
“Across the board, enquiry levels are rising as retailers find their feet and emerge from a difficult period”.