Shops subdivided out of ex-Fast Eddy’s restaurant for sale
Two shops subdivided out the ex-Fast Eddy’s 24 hour restaurant, on Bourke Hill, in the city’s Paris End, are for sale.
Part of a c1892 Victorian shopping row registered with the National Trust, the trophy investments, shops 2 and 3, 32-38 Bourke Street, will be auctioned separately next month.
Combined, they should fetch over $4.5 million – circa five per cent yields.
Vinci Carbone’s Frank Vinci and Joseph Carbone are the agents.
Trophy offering, blue ribbon block
Fast Eddy’s, part of a chain, was especially popular here in the 1980s and 1990s with revellers from the Metro nightclub – now a La Meridien hotel – next door.
In recent decades, the pocket has come to be considered the city’s most exclusive, especially with eateries.
Late last year, Chris Lucas reopened the ex-Society restaurant as a French bistro, Maison Batard, after a c$50m renovation.
Sydney based billionaire Justin Hemmes has also invested heavily including this year, with plans to convert a multi-level car park into a hospitality hub bringing some popular Sydney names to the city – a project carrying a nine figure end value.
In 2023 meanwhile, the executive’s Merivale acquired the Art Deco Kantay House in the pocket, on Meyers Place, it is expected for longer term occupation.
The O’Brien Group is also refitting the historic Job’s Warehouse, at 54-62 Bourke St, as a brasserie, while Andrew McConnell is readying to take over the old Becco, diagonally adjacent to that, on Crossley St (story continues below).
Thriving location: agents
Over $100m has been invested or is being spent on hospitality assets in the immediate pocket, Mr Vinci said.
“The Bourke Hill precinct has long been regarded as the entertainment and hospitality hub of the Melbourne CBD with longstanding icons such as Pellegrini’s, Grossi Florentino, The European, the Princess Theatre and a vast number of other successful venues that have thrived for years in and around this location,” according to the executive.
“These shops adjoin the recently completed Le Meridien Hotel and are only a few doors from the Imperial Hotel, at the corner of Spring St,” he added.
The larger property, shop 3, spreading 310 sqm over two floors, is leased to restaurant Bali Hai.
Current annual rent is $185,000 on a lease expiring in 2029 with options to 2039.
Shop 2 contains 28 sqm.
Leased to Jacks Barbers until 2027 (or 2030 with options), it returns $50,500 per annum.
The auctions are scheduled April 10.
Subscribe to our newsletter at the bottom of this page.
