Little Havana is looking for a new retail property owner as auction lines up

4 June 2024

High Street, Prahran, is famous for its innovative foodie scene, vibrant nightlife and boutique fashion strips. When Little Havana opened in September 2023 by Award-winning Chef Charlie Carrington and founder of Atlas Dining, the Cuban-inspired sandwich bar has, since, served one of the most perfect Cubano sandwiches in Melbourne. Colliers, on behalf of a valued vendor, is exclusively managing the sale of 99 High Street, Prahran, hosting Little

The asset has a secured lease term of 10 years with Little Havana, including options until 2053 and a 3% annual increase. Colliers’ agents, Ben Baines, Lucas Soccio and Matt Knox, who are in charge of the listing, are expecting the property to attract strong interest from local and national investors.

Located on the corner of High Street and Porter Street, the property benefits from a strong strategic emplacement with continuous foot traffic and walk-ins. Initially crafted by renowned developer Chapter Group and designed by K2LD Architects, the opportunity of 118 sqm, provides a secure long-term investment with attractive depreciation tax benefits.

Colliers Melbourne Metro Sales Director, Ben Baines, commented, “The offering encompasses a 10- year initial term with options until 2053, providing a pure set and forget type of investment,” Mr. Baines concluded.

Recent data from Colliers Research noted that Victorians rank among some of the highest spenders in the country when it comes to Cafes, Restaurants and Catering services in the country, with spending having growth of +13.50% on a 12-month annual basis, which is above the national benchmark of +6.0%.

Data from the City of Melbourne showed that the average daily dining spend in the CBD was $8.8 million, with spending in Bars and Restaurants growing +5% and +3%, respectively, when comparing the second quarter against 2019 levels.

Colliers Melbourne Metro Sales Executive, Lucas Soccio, added, “The retail market has seen confidence levels return with investment assets situated in locations encompassing strong tenants and long-term leases seeing the majority of the demand”.

The concentration of spending for Food and Restaurants per capita in the Prahran area is +25% higher than that seen in the Greater Melbourne area. Little Havana represents an anchor for investment and prosperity while delivering genuinely delicious street food for all.

99 High Street, Prahran, is offered for Sale via On-Site Public Auction on Thursday 20th June 2024 at 1 pm (AEST).