105 Beach Street, Port Melbourne
The home of arguably Melbourne’s best fish and chips has netted a strong sale result, as passive investors seeking higher yields and lower land tax liabilities continue to pursue strata assets.
Fitzroys’ Chris Kombi and Tom Fisher negotiated the S2.755 million sale of 105 Beach Street, the home of the famous D’Lish Fish, overlooking Station Pier and adjacent to Port Melbourne Beach, Beach Cove Light Rail Station and Waterfront Place, and moments away from Bay Street.
The sale price reflected a high building rate of more than S10,000 per sqm. A local investor was the purchaser.
The property was offered with a secure 10+6+6+6-year lease to the longstanding business. Kombi said the competitive Expressions of Interest process generated multiple offers.
“Buyers were drawn to the location, with its large local and visitor populations, as well as the property’s secure lease profile and successful tenant – home to arguably the best fish and chips in Melbourne,” he said.
D’Lish Fish was established by renowned fisherman and VFL/AFL footballer, commentator and media personality Rex Hunt in 1998, and quickly became a Melbourne institution. In recent years it has been voted as Melbourne’s best fish and chip shop by Urban List (twice), TimeOut, and Dish Cult, and has received an award from RestaurantGuru.
Kombi said, “Strata assets continue to be of serious interest to passive investors who are chasing higher yields and low land tax liabilities.”
“The property presented an ideal set-and-forget investment. We continue to see investors compete for Melbourne retail properties with secure leases to successful tenants at a time of residential and share market volatility.”
Fisher said the beachfront location is well supported by an abundance of high rise apartment complexes and proposed future development activity, which have added significantly to the immediate residential and worker populations, enhancing trade prospects for local businesses and security of rent.
“This location also has a front-row seat to Australia’s largest urban renewal project, Fishermans Bend, which is expected to be home to 80,000 residents and provide employment for up to 80,000 people by 2050,” he said.
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