NEWS

Home of Spaghetti Tree, Madame Brussells changes hands

Colliers International facilitates off-market sale as demand for Melbourne assets continues to soar

A four-level freehold property that is home to Melbourne’s much loved Spaghetti Tree restaurant and Madame Brussels rooftop bar has changed hands for just under $10million.

Colliers International’s Daniel Wolman and Oliver Hay facilitated the off-market transaction amidst a flurry of activity leading up to Christmas on behalf of a private local vendor.

The 1,318sqm building, located at the eastern end of the Melbourne CBD at 59-63 Bourke Street, is leased to three reputable hospitality operators including Spaghetti Tree and Madame Brussells. It was sold to a local private investor for $9.8million.

Situated on a 498sqm site, the building offered a current net income of approximately $320,467 and was sold on a passing yield of 3.27%.

“The Melbourne CBD market is showing no signs of slowing down this year,” Mr Wolman said “With the exception of Christmas Day, the phones haven’t stopped ringing. Buyers from all over Asia as well as locally are still looking to transact, even in what has traditionally been a quiet period in years gone by.

“Everyone is looking to plant their money in property and secure assets before property values increase any further."

Mr Hay said the market was as hot as he had ever seen it.

“Savvy property owners are capitalising on the demand from investors to sell their assets while the Australian dollar is still cheap for offshore buyers and our interest rates remain at an all-time record low,” he said.

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