Berth, the Melbourne Docklands restaurant space sold

Berth, the prominent waterfront restaurant space in Docklands has been snapped up.

It was bought by a local Asian investor in a sale and leaseback deal negotiated by Colliers International. 

Colliers agents Guy Wells, Daniel Wolman and Oliver Hay negotiated the sale at a sub-7% yield. 

Situated on the southern side of Newquay Promenade, the 515sqm building is constructed over the waterfront within the Newquay precinct of Docklands.

The property was constructed on Crown land and is subject to a long term Crown Lease to 2101 having commenced November 2002. 

It was offered with a secure, long term lease to Berth that has been in operation for more than 10 years in Docklands, with a further 10 year lease plus options.

Development in the Docklands region began circa 2000 and since that time almost $9 billion worth of development has occurred.

This includes more than $2.4 billion worth of private development in 2011-12 which occurred across 16 projects totalling 350,000sqm of gross floor area, including about 1,500 residential apartments.