Restaurant sale, Brunswick
Danville Lake has sold a two-storey, 650sqm pizza restaurant at the corner of Sydney, Phoenix, and Saxon Streets to a local investor for $2.1million, a yield of 3.8 per cent.
The property is leased for $81,000 annually for five years, with option for tow more five year terms.
Seller: Danville Lake
Agent: Raff De Luise, ICR Property Group
The Australian – Sealing the Deal – Thursday 8th September 2011
Sold with three frontages
Agents of ICR Property Group and Barry Plant have sold at auction a retail property in Brunswick, Victoria.
The pizza restaurant at 307-313 Sydney Road, Brunswick, is situated at the north-west corner of Sydney Road, Phoenix Street and Saxon Street.
ICR Property Group agents Raff De Luise and Barry Plant agents Joe Ledda and George Metax, marketed the property, which achieved a final selling price at auction of $2.1 million.
The current five-year lease to Pizza Popolare Restaurant from August 2010 with two five-year options to extend at a rate of $81,800 per annum gave the sale a yield of approximately 3.8%.
Formerly known as Victoria House, the property comprises two turn of the century buildings totaling 650sqm and sold as one, situated on an 815sqm site.
Mr De Luise said that is was obvious from the competitive bidding for the property that Sydney road is rapidly becoming a busy hub that combines the cutting edge in retail, fashion, and eateries.
Australian Property Review – 2nd September 2011
Three road frontages
Pizza Popolare restaurant in Brunswick, Melbourne, has been bought for $2.1million.
It provides a net yield of 3.8 per cent. The building is on the north-west corner of Sydney Road and Phoenix and Saxon Streets.
The restaurant has been operated by the same group for more than 15 years, with the existing five year lease starting in August last year.
Located on a 815sqm site, the property has three street frontages. Guy Naselli from ICR Property Group negotiated the sale on behalf of vendor Danville.
The Australian Financial Review – Thursday 1st September 2011
Brunswick – Historic building sold
Pizza Popolare Restaurant, on the north-west corner of Sydney Road, Phoenix Street, and Saxon Street in Brunswick, has sold for $2.1 million at auction by ICR Property Group.
The result represented competitive yield of 3.8 per cent. The restaurant is leased for $81,800 a year, plus outgoings and GST, and has been operated by the same owner for more than 15 years. The existing lease started in August last year for a five-year term plus two further terms of five years Both historic two-level buildings, formerly known as Victoria House, were sold as one.
The 650sqm building is made up of ground floor dining, while the first floor has a separate function room, decking area and office amenities. The turn of the century building exuded much of the bygone era in its facade.
The Age – 31st August 2011
Victoria House for Sale
Pizza Popolare Restaurant – located on the north-west corner of Sydney Road, Phoenix Street and Saxon Street Brunswick – has been put on the market for auction by ICR Property Group and conjunctional agent Barry Plant. The auction will be held on August 24 at 2pm on site. The two-level buildings at 307-313 Sydney Road, formerly known as Victoria House, are being sold as one. The early 20th century buildings exudes much of the bygone era in their facades. The property is leased for $81,800 per year plus outgoings and GST and has been operated by the same owners for more than 15 years. The existing five-year lease began last August and includes two more terms of five years each.
The Age – Wednesday 27th July 2011