A rare opportunity to invest or landbank in Melbourne’s prestigious inner-east has come to market.
Fitzroys’s Chris Kombi,Chris James and Ben Liu are offering for sale the commanding hospitality building at 26-28 Cotham Road, Kew for sale by Expressions of Interest closing 30 March at 3pm.
Expectations are of $4.6 million-plus for the property, which was formerly home to Hellenic Republic, operated by high-profile chef George Calombaris and his hospitality group Made Establishment.
The immaculately refurbished 635sqm two-storey building is being offered with a 6+6+6-year lease to chefs Ayhan Erkoc and Federico Perez Lopez for their popular Cotham Dining restaurant and Nazar Wine Bar, both operating under the one lease, returning $196,266 per annum plus GST (as at 15 November 2023).
Cotham Dining brings together the former Panama Dining Room and Feast of Merit chefs with a seasonal menu heavy on charcoals and woodfires, drawing on the large family meals of their respective Turkish and Colombian heritages. The distinctive thatched ceilings have been maintained, and the dining room has been refurbished with rustic elements and features exposed brick and greenery.
The venue seats 150 on the ground floor and holds 100 on the second floor.
The building is on a large 515sqm triple-fronted site with on-site parking and rear access, located within the Kew Junction Activity Centre with an allowable height of up to 18 metres (STCA).
“This presents as one of the best freehold investments with future upside opportunities in Melbourne’s inner east for 2023,” Kombi said.
“It’s an incredibly rare opportunity to invest or landbank in a prestigious inner east location.
“Investors can acquire a well-presented, well-proportioned hospitality building in a central Kew Junction with a secure lease generating a strong rent return that will look all the more favourable as inflation begins to ease and interest rates normalise.
“Land bankers can acquire a central Kew Junction property with excellent upside, located among leading local and national tenants with public transport at its doorstep and some of Melbourne’s most renowned schools, and assess their plans for the site while enjoying a strong income stream.”
The site is surrounded by Toscano’s, Leo’s Fine Food & Wine, Woolworths, Woodfrog Bakery, Commonwealth Bank and The Skinny Dog, while Xavier College, Methodist Ladies College, Trinity Grammar and others are nearby.
There is also excellent public transport at the doorstep, including the 109 tram and the 624 bus.
“Melbourne’s inner east is seeing a number of medium and high-density developments being delivered, in response to ongoing demand from Melburnians to find a home in what is already one of the city’s most established and affluent areas, with excellent hospitality and lifestyle amenity, quality local and national traders and some of its best schools,” James said.