Sun could be setting on Fitzroy bar The Night Cat as premises listed for auction
The site of popular Fitzroy bar The Night Cat on Johnston Street has been listed for May 24 auction with $3.2 million plus expectations.
The bar has occupied the 670-square-metre building on the 842-square-metre Young Street corner location for nearly two decades.
Now the site is being marketed for its redevelopment potential.
The Night Cat pays annual rent of $195,000, with a fixed 4% increase due February 2013 taking the passing rental to $202,772.48 per year net.
The lease expires January 2014, with no further options.
Before opening as a bar in the early 1990s, The Night Cat site was a Greek reception room.
The receiver and manager PKF has appointed Colliers International's Jeremy Gruzewski and Andrew Ryan in conjunction with CBRE's Mark Wizel and Scott Callow.
The receivership relates to an internal Deutsch family dispute. Their company bought the property in 1987 for $520,000.
Gruzewski says the Night Cat proprietor has indicated strong intentions to continue trading at the premises and is keen to talk directly with any interested buying party.
