This article is from the Australian Property Journal archive
A LOCAL investor has snapped up popular bar and eatery Madras Bros. on Smith St in Fitzroy at auction for $2.01 million on a sharp yield of 3.5%.
Fitzroys agents Terence Yeh, Lewis Waddell and Chris Kombi sold 129 Smith St. It was offered for the first time in 35 years. The two-storey building is on a 207sqm site and is leased to Madras Bros. on a 5 x 3-year deal over the ground floor restaurant and first floor apartment.
“The high levels of enquiry during the campaign and competition between multiple bidders at auction demonstrated the ongoing demand to invest in one of Melbourne’s most tightly held retail strips, within walking distance from the CBD,” Yeh said.
This transaction follows Fitzroys’ sale during the year of 86 Smith Street, home of hospitality identity Shane Delia’s Biggie Smalls eatery for $3.58 million, at a similar sharp yield of 3.51%.
Waddell said the recent introductions of Biggie Smalls, as well as the nearby IDES, by Peter Gunn (ex-Attica) have added to the Smith Street’s outstanding reputation as one of Melbourne’s most desirable destinations for exciting and new hospitality offerings.
Kombi said investors are keen to capitalise on the ongoing growth of the area.
Australian Property Journal
