This article is from the Australian Property Journal archive
MELBOURNE’S iconic Witches in Britches has hit the market, with the freehold offering a significant landbank opportunity for investors.
Occupied by dinner theatre operator, Witches in Britches, for more than three decades, the property at 78-86 Dudley Street in West Melbourne on the CBD fringe spans 1,050sqm across two levels on 742sqm of prime Mixed Use land.
Josh Rutman, Nick Peden, Tim Carr and MingXuan Li from JLL, alongside Ian Angelico and Jarrod Moran from CVA, have been exclusively appointed to sell the site via an international expressions of interest campaign.
“Rarely does the opportunity present itself to invest, landbank, occupy or redevelop such a high exposure corner in a premium immediate CBD fringe location, particularly assets that provide uninterrupted view lines to the city and existing income,” said Rutman.
“Investors and developers are continuing to seek out both development sites and existing buildings in and around the Melbourne CBD. The property provides high-quality investment fundamentals and a low-risk profile given the lease to a long-standing tenant – Witches In Britches; being a true Melbourne icon.”
The building includes functional retail/restaurant accommodation with a large dining hall plus first floor space, and a directly accessible rooftop.
“The building is set upon an extremely valuable corner landholding of 742sqm which provides a strategic opportunity for future redevelopment to capture strong pent-up demand from end users who are seeking opportunities within immediate proximity to the Melbourne CBD,” added Rutman.
The valuable corner landholding feature three street frontages to King and Dudley Streets, along with a rear laneway. This includes direct frontage to Flagstaff Gardens, providing never-to-be-built-out views over the gardens through to the CBD.
“We see this property appealing to not only investors and landbankers wanting to enjoy the income and capital growth over time, but also owner occupiers of all types looking to the future to take advantage of the amenity rich location. We see this property being of particular appeal to hospitality users being located so close to the Melbourne CBD,” said Angelico.
The tenant is currently on a seven-year lease term and brings in rental returns of $245,203 per annum net.
The international expressions of interest campaign for 78-86 Dudley Street is scheduled to close on 26 October 2022.
