A bayside hospitality asset home to The Hellenic House Project has sold prior to auction for $1.8 million reflecting a sharp 4.67% yield and highlighting continued demand for well-located, tenanted retail investments.
The property at 515 Highett Road, Highett attracted strong interest throughout the campaign, ultimately transacting ahead of its scheduled appearance in CBRE’s Portfolio Auction 184.
CBRE’s David Napoleone said the level of enquiry reflected sustained appetite for quality metropolitan assets.
“The property drew strong interest from private investors throughout the campaign, particularly those looking for well-located assets with established income. That depth of enquiry carried through to a pre-auction result.”
The asset is leased to The Hellenic House Project, a Greek-inspired restaurant originally established by chef George Calombaris, with the business now operating under separate ownership.
The dual-level freehold has been recently refurbished and occupies a prominent position within Highett’s retail strip, just moments from the train station, with strong surrounding amenity and foot traffic supporting the tenant offering.
The result reinforces ongoing demand for hospitality-backed investments where strong location, tenant appeal and lease structure align, particularly across tightly held Melbourne precincts.
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