This article is from the Australian Property Journal archive
AN Essendon North retail investment property leased to international award-winning pizzeria 400 Gradi has sold for $2.45 million on a yield of 4.7%.
Shop 1 at 110 Keilor Rd located at the base of Blue Earth Group’s Mink Apartments development was sold by Fitzroys agents Chris Kombi, Adam Lester and Terence Yeh.
The ground floor corner property was sold with a 7x7x7-year lease.
Kombi said the sale demonstrates the confidence investors have in the future prospects in Melbourne’s inner north-western suburbs.
“The property’s secure lease to a widely recognised tenant is further underpinned by the growing number of medium and high-density residential developments through the northwest growth corridor, creating strong demand for retail and hospitality operators,” he said.
400 Gradi is overseen by restaurateur Johnny Di Francesco, the first Australian trained in Naples to the Associazione Verace Pizza Napoletana VPN rule, and is the association’s Australian principal.
The restaurant, which opened its first site on Lygon Street in Brunswick East, has won the Specialita Traditionale Garantita prize at the Pizza World Championship in Italy for its margherita pizza.
Australian Property Journal
