- Part of a church redevelopment in Moonee Ponds sold for a divine $1.885M
- 300sqm building is leased to a café on a 5+5+5+5-year deal for $100K/yr
- “... well-regarded suburb with a proven track record for capital growth”
Moonee Ponds in Melbourne may be the famous suburb of Australia’s most famous Dame, Edna Everidge, but it’s also on the radar of investors, if a local sale is anything to go by.
Over 75 interested parties made enquiries for the home of the popular cafe Dear Abbey, which is part of the Wesleyan Church redevelopment, which was then sold for a divine $1.885 million.
The immaculate 300sqm building is leased to the successful café on a long-term 5+5+5+5-year deal, returning $100,000 per annum plus GST.
It was purpose-built for hospitality use in the front section of the old church grounds fronting Gladstone Street, and the area on the title also includes the front section of the old church building.
The self-contained two-level premises also includes the church’s spire, accessed via an internal spiral staircase and includes an office and storage area.
Fitzroys’ agents Chris Kombi and Ervin Niyaz brokered the deal, saying that the generational development boom of Moonee Ponds had further enhanced the area as it becomes a lifestyle hub for Melbourne’s north-west.
Dear Abbey is an example of the growing offering of cafés, bars and eateries springing up in the precinct, including The Mighty Moonee Ponds, Ascot Food and Wine, and Holmes Hall.
“This was a rare opportunity to invest in a well-regarded suburb with a proven track record for capital growth,” Mr Niyaz said.
“These hospitality venues complement the supermarkets, service retail and specialty offering of the Puckle Street precinct, and will continue to benefit from the ongoing development that will add further to the catchment, while the area’s fully-rounded lifestyle offering also attracts more visitors from the surrounds.”
Investors are looking for retail and commercial property assets that offer secure leases to quality tenants, in locations with attractive growth prospects, according to the agents.