A freehold investment opportunity leased to a new restaurant in Preston, northeast of Melbourne CBD, has come to market. The property at 39 High Street is home to Bar Mexico, a two-storey Mexican bar from Grazeland’s popular El Taco team.
Situated on a 537 square metre plot of land with favourable zoning for long-term development, the 485 square metre building has had significant capital expenditure on the fit-out, with it secured by a tenant with hospitality industry experience.
The property is for sale exclusively through the Colliers team of Ryan Milivojac, Travis Keenan, James Zhuang, with price expectations of over $3 million.
“Situated on the ‘World’s Coolest Street’, the property has a highly touted tenant in Bar Mexico and is located in one of the Melbourne’s most popular food and culture communities. We expect strong interest from a range of parties given the unique offering and the attractive price point,” Milivojac said.
“Investor sentiment is strengthening as the market adjusts to stability in interest rates, and investment offerings with sound fundamentals (freehold, strong lease covenants, robust income) are considered highly desirable,” Keenan added.
High Street is widely regarded for its unique eclectic vibe featuring trendy cafes, restaurants, live music and local businesses.
39 High Street, Preston is for sale via public auction on Wednesday 21 August at 12:30pm AEST.