An immaculate Brunswick East freehold is offering investors the chance to make a quintessential inner-north Melbourne asset their own, with the home of one of the area’s best bars on offer.
Fitzroys’ Ervin Niyaz and Mark Talbot are marketing 134 Lygon Street, Brunswick East - home to The Alderman - on behalf of private investors, with the property going to auction on Wednesday, 30 March at 1pm.
Expectations are of $1.45 million-plus.
The immaculate 152sqm two-level building comprises a ground floor bar with first floor function area and is on a 154sqm site.
It is being offered with a new secure, long-term 5+5+5-year lease to The Alderman returning $61,200 per annum plus outgoings and GST. A local institution, The Alderman is an intimate venue that pulls a strong nightly crowd and is highly rated on Broadsheet, Only Melbourne and Google.
“This is a quintessential inner-north Melbourne investment. Melbourne’s inner-north makes an unrivalled contribution to the city’s vibrant and eclectic hospitality and nightlife scene, and this offers the extremely rare chance to own the home of one of its most highly-regarded bars,” Talbot said.
The property benefits from excellent transport amenities with the number 1 and 6 trams operating along Lygon Street, both leading to the CBD and first-class education facilities.
“Brunswick East is supported by excellent population growth with an influx of a younger demographic of inhabitants. The diverse mix of new occupants has seen a number of professional and cultural companies relocate to take the place among established manufacturers, retailers and restaurateurs,” Niyaz said.
“At the heart of this is Lygon Street, Brunswick East developing its own thriving nightlife and eatery scene. Among this is the original 400 Gradi, long standing Italian restaurant Zia Teresa, Rumi, Mama Manoush, Bar Idda, The Quarry Hotel, Teta Mona, Temple Brewing, and bars Atticus Finch, Mr Wilkinson and Old Palm Liquor, as well as Messina Gelato, all bringing locals and foodies to the area.”
Niyaz said numerous sites in the area currently under construction and earmarked for development will bring more residents and further activity to the area. These include a seven-storey residential building on the Mirabella site at 141-153 Lygon Street, and a mixed-use project by Milieu and Fieldwork at 121 Lygon Street.