Dimmattina family grinds out $6.9m for Brighton Westpac

The family behind one of Melbourne’s favourite coffee brands has made bank selling their property in the epicentre of Brighton’s cafe culture.

The Dimattina family ground out $6.9 million from the sale of a shop that’s home to the Westpac bank at 94 Church St.

The family, whose association with coffee roasting goes back to 1954, had owned the 312sqm property for almost 20 years.

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A competitive auction last month attracted four bidders and a $5.5 million opening offer.

Public records show the Dimattina family connection, and it is understood they were selling to take advantage of good buying conditions in other parts of the market.

CBRE’s Sandro Peluso, who handled the sale with Rorey James, says they cannot comment on the vendor’s personal details but the sale had been a great result.

With only one shop in the Church St strip currently for lease, plenty of convenient carparking and a supermarket near the property, strong competition had been expected.

“Residential property has dramatically shifted, but a lot of the traditional investors have moved to commercial, and that’s why commercial is still going fairly strong,” Peluso says.

This article from the Herald Sun originally appeared as “Coffee family grinds out big sale from bank asset on cafe strip”.