Rejuvenation of Iconic Melbourne Dining Strip
The revitalisation of Lygon Street, Carlton has taken another step, with young talent emerging from popular restaurant and bar Longsong set to open a new modern Asian cuisine venture in the prime of the iconic hospitality and lifestyle strip.
Chris James of Fitzroys negotiated the 5-year lease with options at 263 Lygon Street on behalf of a private owner. The deal was struck at $83,000pa plus outgoings and GST, and the new venture will host diners from the 95sqm ground floor of the building.
The partners of the new venture, Lagoon Dining, were key talent involved with CBD venue Longsong. They include Chris Lerch, venue manager of Longsong and former manager of Flinders Street fine dining spot Ezard, and Longsong head chef Ned Trumble.
“We’ve seen a new generation of bar and restaurant ventures add a fresh twist to Lygon Street and Carlton’s hospitality scene,” James said.
“This venture will bring modern Asian cuisine to the heart of Lygon Street, near D.O.C. Espresso and The University Café, further enhancing the mix of the iconic Italian influence synonymous with Lygon Street and Carlton and a new breed of hospitality offerings that are revitalising the strip.”
Other recent entrants include Heart Attack and Vine, Israeli-influenced vegetarian pub Green Man’s Arms, the recently re-opened King & Godfree building, wine bar Lord Lygon and Hakata Gensuke, while in the immediate surrounds are The Carlton Wine Room and DOC Pizza & Mozzarella Bar.
James said the long-term lease in the prime section of the strip reflects the operators’ confidence in the transformation of Lygon Street.
“Melburnians are living in and going out across the inner suburbs in growing numbers and Carlton is no exception, having also seen an influx of young professionals and students living in the immediate vicinity.
“This has added huge depth to the immediate catchment of Melbourne’s best-known restaurant strip, and demand is growing for more distinct offerings that have enhanced its unique character.”
Smaller-Format Supermarkets Sell on Both Sides of The Yarra
Woolworths Metro supermarkets in Abbotsford and St Kilda have changed hands, as have standalone Woolworths and Aldi supermarkets in regional Victoria.
A Sydney-based investor bought the 1,574sqm Woolworths Metro at 64 Fitzroy Street in St Kilda for around $8 million at a sub-6% yield, with a lease running until 2027. The Abbotsford property is at the base of the new Pace of Abbotsford apartment project and sold for $4.68 million, at a 4.93% net yield and with a 7-year lease.
A 3,143qm standalone Woolworths supermarket in Leongatha sold for $14.3 million at a 5.32% yield, with 9 years to run on a 20-year lease. It is on a 3,267sqm site with 142 parking spaces.
East of Melbourne, an Aldi supermarket in Seville sold for $8.02 million at a 5.98% yield.
GP Sells Cranbourne North Medical Clinic
The Thompson Road Clinic at 2 Woodbine Road sold to investor and horse racing identity Ken Biddick for around $25 million, at a passing yield of a little over 5%.
The vendor was GP Leon Shapero, who developed the 2-level, 1,400sqm clinic in 1987 and remains an occupant. Thompson Road Clinic sold with a 15-year triple-net lease and is tenanted by other GPs, a pharmacy, radiologist and other specialists
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