Hardware Lane restaurant offering snapped up at auction

Hardware Lane restaurant offering snapped up at auction
Hardware Lane restaurant offering snapped up at auction

Campari House, at one of Melbourne’s most iconic CBD laneways, has sold for $8.1 million at CBRE auction.

Located at 21-25 Hardware Lane, the four level building is one of Melbourne’s best known dining destinations.

It comprises two commercial kitchens, restaurant, private guest room and rooftop bar. Fully leased, the marketing suggested its net passing rental income was $337,631p.a.

It was historically occupied by Kirk’s horse bazaar – a horse and livery trading centre built in 1840 by James Bowie Kirk.

Benefitting from a high volume of foot traffic, the Hardware Lane secured a record land price of $45,505 per square metre.

There were six bidders contesting the auction, coming locally and from offshore.

The vendors only purchased the property two years ago at $5.999 million in July 2013, having sold at $4.7 million in 2009.

CBRE City Sales is preparing to take to auction nearby 30 Guildford Lane – a double storey, refurbished warehouse building for October 30 auction. It last traded at $1.76 million in 2008.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Tags: 
Commercial Sales Restaurant Sale

Community Discussion

Be the first one to comment on this article
What would you like to say about this project?