This article is from the Australian Property Journal archive
TWO rare freehold buildings, occupied by famed Italian bistro Lupino and Bar Lourinha in Melbourne’s Paris End are set to whet investors’ appetite, offered for the first time in almost half a century.
Colliers’ Oliver Hay, Daniel Wolman, David Sia and Chris Ling have been appointed to sell 37 & 39-41 Little Collins Street by way of Expressions of Interest closing Friday June 7 at 12pm.
39-41 Little Collins St spans three levels with triple street frontage neighbouring the Sheraton Hotel and The Melbourne Club, it is currently occupied by Lupino, a Melbourne institution run by restauranteur Richard Lodge.
Next door is 37 Little Collins St, a classically designed, two storey brick building with stunning arched windows that highlight the striking architecture of the 1910s era. Refurbished and converted to a restaurant in 1995, it is now home to Bar Lourinha, an esteemed tapas and fine wine bar that was recently crowned a 2019 Good Food Guide winner.
The agents expect the properties will attract diverse field of interested parties, including local and offshore buyers looking to invest, owner-occupy or add-value.
“Buildings with such rich history and character are nearly impossible to come by,” Hay said.
“Having been in the same hands for 45 years and 48 years respectively, these assets present a once-in-a-lifetime investment opportunity to secure some of Melbourne’s most premium real estate, in the city’s most exclusive location. We are expecting offers in excess of $6.5 million and $3.25 million respectively.
“These buildings provide a fantastic investment opportunity due to the substantial holding income, and there is also an opportunity to explore a mix of add-value options including rooftop activation and the development of additional levels (STPA).
Opportunities of this kind in the heart of the Melbourne CBD are rare and we are anticipating a hot contest.” Hay concluded.
Australian Property Journal
