Local family drops $1.6m on Ringwood nightclub
A property operating as a popular nightclub at Ringwood in Melbourne’s outer east has sold for $1.6 million.
A local family snapped up the building at 121 Maroondah Highway – one of a string of neighbouring nightclubs in the precinct.
The ground floor of the property is leased to nightclub Zu Bar, while the upstairs part of the building is currently vacant.
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The Maroondah Highway strip is well-known as an after dark destination, with nightspot Orange Whip directly next door to Zu Bar, while another nightclub, Dakota, is in the process of being rebuilt on the other side of Zu Bar after it was gutted by a fire in May last year.
CBRE’s Sandro Peluso and Rorey James negotiated the sale.
James says the site’s 212sqm footprint gives it strong development potential, while enjoying $70,800 in annual rent from Zu Bar and the potential for a further $20,000 in rent for the upstairs space.
“Located just 150m from Eastland Shopping Centre – one of the largest shopping centres in the southern hemisphere – this property represented an exciting investment opportunity given its long-term development potential,” James says.
“Having been the focus of significant capital injection over the past five years, Ringwood’s forecast growth was also a key attraction for the purchaser, with this property positioned to capitalise on the area’s exciting future.”