Iconic Carlton restaurant La Contadina listed with $2 million-plus expectations

La Contadina, an iconic Carlton restaurant on Rathdowne Street, is going under the hammer after 30 years of continuous operation by the same family.

The Mico family have run the restaurant as a classic Melbourne institution but have decided to sell up.

Guy Naselli and Raff De Luise from ICR Property Group are expecting $2 million plus at its September 27 auction.

The Mico family arrived in Australia from Italy in 1967 and have been running restaurants since then. Giovanni, the current owner of La Contadina, took over family affairs in 1975.

Not only did he run the restaurant, he has apparently also been a singer an actor and a film director.

The Mico family are very fond of the celebrities who have eaten at the restaurant which even included the much photographed former Prime Minister John Howard.

The restaurant was recently listed for lease at $1450.00 per week plus GST and all outgoings, but that leasing fell through and it’s being offered with vacant possession.

Naselli says the property could lease at $120,000 per annum.

The solid brick building is a two storey freehold with a first floor residence or office.

The walls of the restaurant are adorned with photos of Carlton celebrities and other memorabilia.

Naselli says the furniture and decorations aren’t included in the sale but there is the possibility to negotiate with the owners after settlement.

It sits on 150 square metres of land on the east side of Rathdowne Street, 600 metres north of the exhibition gardens.

The heritage listed property was briefly listed for sale in 2011 through the same agent. It was also listed in 1997 for $385,000.

“The original subdivision dates abck to 1948, so the building age must be pretty close to that,” says Naselli.

“It’s been getting a fair bit of interest. Including a couple of inquiries from developers.”