St Kilda retail asset leased to top chef Karen Martini listed

St Kilda retail asset leased to top chef Karen Martini listed
St Kilda retail asset leased to top chef Karen Martini listed

A retail property in Melbourne’s St Kilda leased to popular restaurant and bar Mr Wolf, run by celebrity chef Karen Martini, has been listed.   

The 9 Inkerman Street property comprises a large retail premises of 130 sqm and will be auctioned off on November 23 through Savills. 

The price expectations are at least $1.25 million,

The property is being marketed by Savills’ Clinton Baxter, Jesse Radisich and Mark Stafford.

Stafford said “we are expecting bidding of at least $1.25 million at auction, representing a compelling starting annual investment yield of 5% net.”

Baxter added that the property provides investors with a blue-chip investment within one of Melbourne’s most popular suburbs and one that is also securely leased to a well-established hospitality business. 

The restaurant, Mr Wolf, was established in 2004. The cooking show judge and author recently exercised the option for another five-year lease term that started in August, with two further five-year options to follow.

The rental is a conservative $63,000 per annum, with the tenant paying all usual outgoings, and there are fixed 3.5% annual rental increases.

Radisich expects the property to attract investors and self-managed superannuation funds wishing to secure a retail investment with guaranteed growth and a long history of strong trade.  

 

Tags: 
Retail St Kilda

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