Shark Fin House building in Melbourne’s Chinatown sells for $14.5 million
The freehold of a popular restaurant in Melbourne’s Chinatown has sold for $14.5 million off-market.
The four-storey building at 131-135 Little Bourke Street, which accommodates Shark Fin House, last traded for $7.5 million in 2012 to a local buyer.
The latest deal is being struck on a 3.6 per cent passing yield to a Malaysia-based investor.
The property includes a 927 square metre building, constructed in 1987, and sits on a 288 sqm block.
Shark Fin House committed to a 10-year lease at 131-135 Little Bourke Street last year.
CBRE’s Julian White, Lewis Tong, Chao Zhang and Leon Ma said the sale highlights the ongoing Asian investor interest in Melbourne properties.
“Melbourne has traditionally been an attractive market for Malaysian investors with an affinity which dates back to the 1950s, when Malaysian students began coming to Melbourne,” Mr Tong said.
“Changes in the political environment in Malaysia have driven heightened interest in Australian investment opportunities in the past 12 months”.
Mr Tong added that about 15 per cent of CBRE property transactions in the past year have been to Malaysia-based buyers. Some 40 per cent of buyers originated from Asia, the broker added.
The operators of Shark Fin House also control the nearby Shark Fin Inn and another restaurant in suburban Keysborough.
