Michelin star restaurant rents super fund ISPT-owned Bourke Street space in Melbourne

Michelin star restaurant rents super fund ISPT-owned Bourke Street space in Melbourne
Michelin star restaurant rents super fund ISPT-owned Bourke Street space in Melbourne

Superannuation-backed developer and fund manager ISPT has secured Michelin star restaurant Tim Ho Wan as a tenant in its retail and office property at 206 Bourke Street in central Melbourne.

ISPT paid $118.3 million for the five-level property, owned by Singapore's Hiap Hoe, in November.

The 330-square-metre restaurant will be the first Tim Ho Wan in Melbourne, complementing two in Sydney. 

Singaporean-owned Tim Ho Wan, which is famous for its pork buns, has been called "the cheapest Michelin star restaurant in the world".

Rents in the Bourke Street centre average $2,000 per square metre. 

Gary Loo, director of leasing at Knight Frank, brokered the deal.

"The were looking for a property close to Chinatown with direct street access and frontage to allow for large signage and a weatherproof space to accommodate the long queues of customers that are a trait of their Singaporean counterparts," he said.

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 Market Michelin Star

Community Discussion

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