Carlton Retail to Test Market Appetite

27 June 2022

A prime freehold retail asset in Carlton’s iconic Lygon Street restaurant precinct has been listed for sale by the owners of Lygon Street’s University Café, with leading agency Savills.

Prominently located at 132-136 Lygon Street, the three-level classic-style retail property is surrounded by well-known retailers and hospitality venues on the bustling retail strip. Situated on the corner of Finlay Place, the property occupies a site area of 251 sqm and features side and rear lane access.

Offered with vacant possession, the property was formerly La Spaghetteria Ristorante, an authentic Italian restaurant that operated from 2005 to 2020.

“This is a rare opportunity to secure a freehold asset on what is one of the best-known restaurant and retail strips in Melbourne. The property will have broad appeal to both hospitality operators and investors – and there is also the potential to add value with future redevelopment,” said Savills State Director Julian Heatherich, who has been appointed to sell the property with colleagues Benson Zhou and Cam Zamora.

The lower ground floor brings a unique character to the building, with original brick feature walls and arched wine racks making it ideal for restaurant dining, a boutique bar or an entertainment venue. This level also has an existing double cool room, bar and kitchen area.

On the street level, the ground floor provides a light-filled main dining area with grand staircases and charming finishes. The back of house features a kitchen and ample storage space. There is also potential for shopfront al fresco dining, which is synonymous with Lygon Street.

A ballroom is a signature feature of the first floor, suited to private functions or as an additional dining area. This level also has bathrooms, a kitchen and a dumb waiter to service the basement and ground levels.

The second floor accommodates a bedroom or storage area plus a bathroom with shower. This versatile space also provides rooftop access.

132-136 Lygon Street is surrounded by premium public open spaces and well serviced by public transport, including trams and buses, providing easy access to the CBD and surrounding suburbs. Another drawcard of the property is its proximity to the new Parkville Train Station currently under construction as part of the $11 billion Melbourne Metro Tunnel project.

132-136 Lygon Street is for Sale by Auction on-site on Wednesday, 20 July at 12:30pm.