Geelong foodie offering has Greek flavour
Investors have a walk-up start with the latest commercial offering in the heart of Geelong’s thriving West End precinct.
Trendy bars and cafes continue to do roaring trade in the revamped stretch of Lt Malop St, west of Moorabool St.
The listing of 73A Lt Malop St provides a chance for a new player to reap the rewards of the popular inner city foodie destination.
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A long-term tenancy to Greek restaurant Mavs Restaurant anchors the investment in the 683sqm site.
Gartland Property, Geelong agent Micheal De Stefano says it also comes with laneway access and some additional space which could be used for carparking or developed into additional tenancies to maximise value.
“In terms of location I don’t think you can get any better,” De Stefano says.
“This property is in the most desirable part of the CBD and there is a highly regarded tenant in there with Mavs.”
The restaurant, which was last year crowned People’s Choice winner at the Golden Plate Awards, is two years into a five-year lease with four further terms of five years on offer.
The tenancy currently returns $55,466 a year.
De Stefano says the buzz around the precinct should give investors confidence going forward.
“You only have to walk down the street and there is virtually zero vacancies and there are businesses thriving,” he says.
“The Geelong Cellar Door recently expanded and the Hot Chicken Project also had an extension.”
Price hopes for the property are $1 million to $1.1 million.
It will be auctioned on June 27 at 2pm.
This article from the Geelong Advertiser originally appeared as “Greek restaurant lease anchors thriving Lt Malop St investment”.