Restaurant in Melbourne's Carlton cooks up $2.58 million at auction

A property in Melbourne’s renowned Lygon Street restaurant precinct recently sold to a local buyer for $2.58 million at auction.

Currently leased to Lygon Charcoal Grill & Steakhouse, the 120 Lygon Street, Carlton property is on a new 10-year lease plus three five-year extensions. 

It returns an annual rental of $95,000 per annum plus outgoings. At the sale price, the yield works out at 3.68%. 

The property is nearly 307 sqm and comprises a main dining area, function room, fully equipped kitchen, undercover alfresco seating on Lygon Street, a one-bedroom apartment on the third level and rear car park. 

The selling agents were Charles Cini and Anthony Carbone of CVA Property Consultants.