This article is from the Australian Property Journal archive
A PRIVATE investor has snapped up a waterfront restaurant on the Maribyrnong River for $2.4 million.
Fitzroys agents Chris Kombi and Terence Yeh negotiated the private sale of G23, 55 Cumberland Drive within the Edgewater Estate in Melbourne’s west. The price reflects a 5.1% yield.
The property is improved by a 465 sqm building area, with a restaurant and function centre and an additional outdoor terrace area of 255 sqm. It operates as Riviera Café and Restaurant and is leased on a 6 x 6 x 6-year deal returning net rental of around $124,000 per annum.
“The property’s waterfront location and secure lease to a quality operator attracted a high level of interest, while the strong result demonstrates the increasingly high regard investors have for Maribyrnong,” Kombi said.
“Maribyrnong has become one of the west’s most sought-after suburbs, with strong population growth prospects, improved utilisation of land and growing investment in transport and amenities.”
The 128-hectare former Maribyrnong Defence Site, currently owned by the Victorian State Government, is slated to make way for as many as 6,000 homes in the future, while the historic Jack’s Magazine site of 12 hectares could bring a new hospitality and tourism destination to the suburb.
Australian Property Journal
