Hellenic Republic premises sold by George Calombaris syndicate

The 100 diner East Brunswick premises of Hellenic Republic has been sold for $2,375,000.

The initial price guidance was around $1.9 million for the recent auction.

There were five interested parties for the 340 square metre property at 434 Lygon Street.

It has been listed by Made Establishment through the Killen Thomas agent John Camilleri in conjunction with Chris Kombi at Fitzroys.

It is just the premises that sold as the popular 273 square metre eatery will continue to trade after a newly signed 10-year lease.

Hellenic Republic, with its new 10 year plus five and five year lease, was offered returning $120,000 per annum plus outgoings and GST.

Made Establishment is jointly owned by celebrity chef George Calombaris, restaurant entrepreneur George Sykiotis, and steel industry barons Joe Calleja and Tony Lachimea.

The property traded at $824,000 in late 2007 when bought by George C Pty Ltd and Cerberos Pty Ltd.