Brunswick East’s Famous “The Beast” Hospitality Venue Hits the Market and Is Set to Attract Strong Investor Interest
15 November 2024
78-80 Lygon Street, Brunswick East
Investors have the chance to buy the high-profile home of one of the most buzzing hospitality and live music venues in Lygon Street, Brunswick East – which was recently declared by Time Out as one of the “World’s Coolest Neighbourhoods” and continues to move through a generational growth phase.
Fitzroys’ Chris Kombi and Ervin Niyaz are marketing 78-80 Lygon Street, home to bar, burgers and bands venue The Beast, by auction on Thursday, 5 December at 2pm.
Expectations are of S3.4 million-plus.
The high-profile property comprises two double-storey shops on one title with a combined building area of 620sqm, encompassing multiple seating zones, bar and commercial kitchen, dance floor, and live music stage.
It boasts a commanding street frontage of 12.26m and is on a valuable inner city land holding of 373sqm, with access from a rear laneway.
The property has a secure 10-year lease with options to The Beast which returns S185,657 per annum plus GST (as at 17 January 2025), with fixed annual increases.
“This is a quintessential set and forget inner-north Melbourne commercial property investment,” Kombi said.
“Lygon Street, Brunswick East is one of Melbourne’s famous buzzing inner-north nightlife and lifestyle strips, and The Beast has been a mainstay contributor to the area’s vibrancy for more than a decade.
The property is in pole position within East Brunswick’s renowned food and beverage precinct, which global publication Time Out recently named among its “Coolest Neighbourhoods in the World”1 – surrounded by an array of dining and nightlife institutions drawing consistent and loyal patronage from across wider Melbourne. Nearby are renowned pizzeria 400 Gradi, Lebanese eateries Téta Mona and Mama Manoush, and popular bars including Old Palm Liquor, The Alderman, Eydie’s, and Maggie’s Snacks & Liquor – among many more.
According to Fitzroys’ new Walk the Strip report, Lygon Street, Brunswick East has a low vacancy of just 3.7%.
“The surging location has in recent years seen a number of residential towers completed in the proximity, which has boosted the immediate catchment and trade. The precinct is set to benefit from yet further planned high-density residential development in the area,” Niyaz said.
He said Melbourne’s shopping strips are experiencing a real period of renewal at the moment.
“More Melburnians have embraced flexible working arrangements in the post-pandemic period, looking to work closer to home in highly-accessible locations with quality hospitality and lifestyle amenity.”
The location also offers excellent connectivity and exposure with trams 1 and 6 stopping directly outside the property and 22,000 cars passing by daily.
Recently, Fitzroys sold 98-100 Lygon Street, home to Maggie’s Snacks & Liquor, for S3.38 million, on a 4.7% yield, after a campaign that generated more than 70 enquiries and attracted several bidders. The agency also recently sold 113 Lygon Street, Brunswick East for S1.3 million, on a 4.5% net yield following another successful auction campaign.
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