Docklands restaurant Renzo's Bar listed with $3 million hopes

The premises of waterfront restaurant Renzo’s Bar in Melbourne's Docklands has been listed for sale with the agents marketing it expecting a price in excess of $3 million. 

Docklands may have a number of empty stores but traffic is expected to grow in the area over the next few years. 

The precinct is following in the footsteps of nearby Southbank which took five to 10 years to develop, says Colliers International's Daniel Wolman, who has the listing. 

“I think this end is taking a bit longer… but it’ll soon be up and running,” he says. 

“Things just take time.”

He said the waterfront views and foot traffic from workers in nearby offices, including from ANZ's flagship Collins Street building, make the location unique.

Renzo’s Bar has resided at this location for about a decade and will continue to lease the space until 2020.

The property brings in net income of about $240,000 per annum.

The restaurant space has so far attracted the attention of Asian investors as well as some local restaurateurs who are keen to further their fortune in the same location.

“There was quite a bit of interest, a lot from people who have been successful in the area," says Wolman.

The 195 square metres of indoor restaurant space and 83 square metres of outdoor space is on the ground floor of the 23-level Arkley building.

The 176-apartment building at was the first to be constructed at NewQuay in 2000 and contains 1,900 square metres of retail and restaurant space.

Other eateries on the Newquay Promenade include Italian restaurant Medici, Indian restaurant Bhoj, Turkish Mecca Bah, and Man Mo offering Chinese-Malay cuisine.

The second round of offers for the restaurant premises closes this week.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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