Degraves Street: piece of Melbourne laneway icon on the market in mortgagee sale
16 Degraves Street is going up for auction, in the the first offering on Melbourne’s iconic CBD laneway since 2011.
One of Melbourne’s busiest laneways, Degraves Street is a major tourist attraction and currently has zero vacancies. 16 Degraves Street is currently leased to Italian restaurant Il Tempo, with a new five year term with three further five year options. Il Tempo brings in $155,000 per annum plus GST to shop’s owners, with fixed annual increases of 4%.
The licensed café and bar is being marketed by Stuart Taylor and Mathew George of JLL, who are auctioning the property on Thursday April 3 on behalf of insolvency firm Ferrier Hodgson, who have been appointed agents for the mortgagee.
According to George, the agents are expecting a highly competitive sale.
“Given this is the first on-market investment opportunity since 2011 in such a rare and iconic location, we have every confidence that 16 Degraves Street will be well received by the investor market, and generate very strong competition at auction.”