Retail 1, Ground Floor, 167 Queen Street, Melbourne, VIC 3000

Sold

Private Sale by Closing Date: Wednesday 21st August 2024 at 3pm unless sold prior.

POINT OF INTEREST:

A specialised CBD retail asset that’s built up a strong customer following for its sashimi, wagyu, and yakitori, Namoo Izakaya has been attracting the (five) stars from all points of Melbourne and beyond. The renowned Japanese café has recently renewed its agreement with a 10-year lease, beginning on the 1st of May 2023 with a current annual rental of $182,497.91 + GST. There are 4% reviews annually plus a $95,513.32 bank guarantee and personal guarantees. A prime ground-floor location, 180 sqm* of building area, and an office building above housing everything from lawyers and physiotherapy to finance and Snap Print Solutions — this is the commercial market’s signature dish. Bustling with local retail, tech services, coffee stops, and workplace suites, the Adina Apartment Hotel is on one corner and the Hilton is on another. The bus interchange sits here too with 7 different bus routes getting on or off at your doorstep, while the Bourke Street trams are a few minutes walk down the road. As is the convenience of the CBD, three railway stations are also within 750 m* of Namoo — Flinders, Southern Cross, and Flagstaff.

- Leased to renowned Japanese café NAMOO Izakaya.
- $182,497.91 + GST gross rental. Net rental $151,786*.
- Recently renewed 10-year lease until 2033.
- $95,513.32 bank guarantee + director guarantees.
- Trading 7 days a week with a 2am liquor licence.
- 180 sqm* total ground-floor building area.
- Major bus interchange on the doorstep with 6 bus routes.
- 50 m* from CBUS Property 1-billion mixed use project.
- 10 min* walk to all major CBD Railway Stations.
- NAMOO Japanese - Instagram

POINT OF VIEW:

Some get into the CBD to be a central office dweller, others establish themselves here to feed them. And this crowd favourite will also be the commercial crowd’s top pick for an FY25 portfolio add-on.

*Approx.
Pricing excludes GST

• Availability: N/A
• Lease Term: Ten (10) Years
• Rent Review: 4% Annual Increases
• Car Spaces: Nil
• Condition: Excellent
• Air Conditioning: Yes
• Floors: Concrete
• Lifts: N/A
• Height: 2.7 meters approx.
• Age: Circa 2000
• Car Parking Fees: N/A

• Water Rates: $1,406 p.a* (2024)
• Land Tax: $13,947.50 p.a* (2024) (Single holding)
• Council Rates: $7,924 p.a* (2024)
• Owners Corp. / Insurance: $17,392 p.a* (2024)
• Other Charges: Payable by tenant