Hellas Cakes: Richmond cake shop serves up $4m after decades of sweet treats
A Richmond cake shop serving Greek sweet treats for almost 60 years will turn off its ovens after a well-contested auction.
The 322 Lennox St property even features in 2017 movie West of Sunshine, with a cast that included Kat Stewart (Underbelly and Offspring) and Tony Nikolakopoulos (Kangaroo Jack).
Hellas Cakes was founded in 1962, and since 1977 has been run by two generations of the Laliotis and Kantaras families.
Traditional sweets on the menu have included baklava, galaktoboureko (Greek custard slice) and kourampiedes (Christmas cookies), though they also served cake pops, macarons and cannoli.
But after recently listing the property they had owned for about 50 years, the families are now understood to have walked away with a sweet parting gift of about $4m.
A source at the private auction said the multimillion-dollar sum emerged after bidding kicked off in the low $3m range, but stalled short of a sale and passed in.
Teska Carson director George Takis would not confirm a price, but said there had been 20 prospective buyers registered.
“I lost count of how many actually bid,” Mr Takis said.
“The owners are happy, though it is an emotional time for them.
“This ends a remarkable chapter in the retail history of Richmond. After 60 years in
existence and over 50 years ownership the families decided it was time to turn off the ovens and say goodbye.”
The property included the bakery, cafe at the front, an office upstairs and a single-level weatherboard house at the rear of the bakery at 19 Botherambo St.
Mr Takis said for the buyer who plans to establish their own business at the site it was a case of having their cake and eating it, though he wasn’t sure if they would be operating a retail or hospitality business yet.
MPC Moss’ James Moss also worked on the sale.
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