Moonee Ponds: Hospitality venue within Wesleyan Church redevelopment up for sale
The self-contained hospitality space at 23A Gladstone St, Moonee Ponds, that’s leased to the Quarter Two Cafe, is for sale.
A Moonee Ponds cafe set in the area’s Wesleyan Church redevelopment is on the market with a $2.2m+ price tag.
The property at 23A Gladstone St is leased to the Quarter Two Cafe and features the ex-church’s spire that is accessed via an internal spiral staircase.
Built in 1890-91, the Gothic-style place of worship was designed by the prolific Melbourne architect Alexander Duguid.
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In 2017, developers converted the former religious hub into nine residences.
They added a double-storey premises at the front, incorporating part of the old church building for hospitality use.
An office and storage area is part of the set-up.
The 300sq m building’s lease will return $123,600 per year plus GST from June onwards.
Inside the cafe which includes part of the former church building.
The cafe is located opposite a supermarket an a 500-lot car park.
Commercial real estate agency Fitzroys’ Ervin Niyaz and Chris Kombi have the listing.
“We’re expecting interest from private investors and self-managed super fund investors
based locally and around the country,” Mr Niyaz said.
“Investors will note the uniqueness of the property – this isn’t a standard shopfront – as well
as the secure lease to a proven operator, strong income stream, and excellent location in
one of Melbourne’s fastest-growing inner city locations.”
The cafe is opposite a Woolworths supermarket and large carpark.
High ceilings and stained glass windows can be enjoyed by patrons as they eat.
The Quarter Two Cafe boasts more than 14,500 Instagram followers.
About 10km away, a shopfront at 380 High St, Preston, that’s leased to a Cellarbrations liquor store is also up for sale. It is expected to sell for about $2.5m.
Mr Kombi and Mr Niyaz are managing the marketing campaign for the 170sq m building along with real estate agency Mulcahy Butera’s Robert Butera and David Butera.
The property’s lease is worth $130,000 per year plus GST with fixed four per cent annual increases in place.
380 High St, Preston, is occupied by a Cellarbrations store.
The recently-updated retail space has a coolroom, storage area and four car parks on site.
“Investors will be attracted to the property’s secure long-term lease to a major liquor retail
group at a time of residential and share market volatility, and its ideal location in the heart of
one of Melbourne’s busiest shopping strips and opposite the famous Preston Market,” Mr Niyaz said.
Expressions of interest in 23A Gladstone St, Moonee Ponds, close at 3pm on April 30.
And 380 High St, Preston, will be auctioned at 1pm on April 30.
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