Fitzroy's bar and eatery sold for the first time in 35 years

A local investor has acquired the home of bar and eatery Madras Bros. on Smith Street in Fitzroy.

Fitzroys agents Terence Yeh, Lewis Waddell and Chris Kombi sold 129 Smith Street under the hammer for $2,010,000 at a 3.5% yield on behalf of a private investor.

The retail property was offered for the first time in 35 years.

Set on a 207 sqm site the two-storey building is leased to Madras Bros on a 5 x 3 year deal over the ground floor restaurant and first floor apartment.

“The high levels of enquiry during the campaign and competition between multiple bidders at auction demonstrated the ongoing demand to invest in one of Melbourne’s most tightly held retail strips, within walking distance from the CBD,” Yeh said.

It follows Fitzroys’ sale earlier this year of 86 Smith Street, home of hospitality identity Shane Delia’s Biggie Smalls eatery for $3.58 million, at a similar  yield of 3.51%.

Chris Kombi said, “the local population continues to surge with the completion of a number of medium and high density developments nearby and others in various stages of planning and construction."

The property is within a short distance of public transport links and arterial roadways.