Witches in Britches finds new king of the castle with $7m+ sale

Witches in Britches

The iconic Witches in Britches theatre sold for $7m+. Pictured are current staff and Cast members Courtney Lee, Joel Norman- Hade, Lauren De Iacovo and Elissa Sauzier. Picture: Wayne Taylor

Melbourne’s iconic Witches in Britches theatre restaurant has a new king of the castle after selling for the first time in 27 years.

A competitive campaign saw investors and developers crawl out of the woodwork to fight for the keys to the spooky venue, before it exceeded expectations with a mega $7.288m sale.

JLL director Josh Rutman said the new purchaser had a background in property investment and development, who loved the corner location and proximity to the CBD.

RELATED: Iconic Melbourne theatre restaurant Witches in Britches set to ‘cast a spell’ on budding buyers

Former Footscray footballer Paul Dimattina’s iconic South Melbourne pub for sale

Moreland Hotel: Fight to save iconic Renaissance-themed pub interior

The prominent corner site notched a mega sale for the first time in 27 years.

The current lease is in place until the end of next year, with the option to extend.

“The property needed no introduction, everyone knew what it was and how famous it is,” Mr Rutman said.

“In the future, it’s possible with the expiry of the lease that (the buyer) will look at ways to further improve the building. But given there’s quite a few years to go on the lease, Witches in Britches will still be there for some time to come.”

The current tenants pay $245,203 a year on a lease that expires at the end of next year, with the option to extend for a further five years.

The venue even has its own guillotine.

A park across the street ensures views aren’t compromised.

Covering 1050sq m over two levels, the Dudley and King St corner spot has been home to the family-run venue since 1990, remaining a prominent Melbourne location to this day — even after a $400,000 fire to the castle in 2006.

CoreLogic records show it last sold for $760,000 in 1995, and was expected to sell this time around for about $6m-$7m.

CVA director Ian Angelico also handled the sale, who said they saw interest from investors, developers and even owner occupiers looking to “undertake hospitality uses and take advantage of the high exposure of the location”.

Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.

MORE: $14m Flinders farm has recycled military floors, horse stables

One Room Renovations: Melbourne spoof reality web series making waves internationally

Bellerine’s $10m+ property record test takes two hours for buyers to inspect