Retail 1, Ground Floor, 167 Queen Street, Melbourne, VIC 3000

Retail

Sold

  • Property ID: 446620
  • Floor Area: 180m²
Sold / Leased Results

Name Result Date Floor Land Result Price
Retail, Tenancy 1 Sold 23/08/2024 180m2 N/A Contact Agent
SEASONED INVESTORS: RESTAURANT FIT FOR A QUEEN (STREET).

Private Sale by Closing Date: Wednesday 21st August 2024 at 3pm unless sold prior.

POINT OF INTEREST:

A specialised CBD retail asset that’s built up a strong customer following for its sashimi, wagyu, and yakitori, Namoo Izakaya has been attracting the (five) stars from all points of Melbourne and beyond. The renowned Japanese café has recently renewed its agreement with a 10-year lease, beginning on the 1st of May 2023 with a current annual rental of $182,497.91 + GST. There are 4% reviews annually plus a $95,513.32 bank guarantee and personal guarantees. A prime ground-floor location, 180 sqm* of building area, and an office building above housing everything from lawyers and physiotherapy to finance and Snap Print Solutions — this is the commercial market’s signature dish. Bustling with local retail, tech services, coffee stops, and workplace suites, the Adina Apartment Hotel is on one corner and the Hilton is on another. The bus interchange sits here too with 7 different bus routes getting on or off at your doorstep, while the Bourke Street trams are a few minutes walk down the road. As is the convenience of the CBD, three railway stations are also within 750 m* of Namoo — Flinders, Southern Cross, and Flagstaff.

- Leased to renowned Japanese café NAMOO Izakaya.
- $182,497.91 + GST gross rental. Net rental $151,786*.
- Recently renewed 10-year lease until 2033.
- $95,513.32 bank guarantee + director guarantees.
- Trading 7 days a week with a 2am liquor licence.
- 180 sqm* total ground-floor building area.
- Major bus interchange on the doorstep with 6 bus routes.
- 50 m* from CBUS Property 1-billion mixed use project.
- 10 min* walk to all major CBD Railway Stations.
- NAMOO Japanese - Instagram

POINT OF VIEW:

Some get into the CBD to be a central office dweller, others establish themselves here to feed them. And this crowd favourite will also be the commercial crowd’s top pick for an FY25 portfolio add-on.

*Approx.
Pricing excludes GST

Additional Information
Features
  • Availability: N/A
  • Lease Term: Ten (10) Years
  • Rent Review: 4% Annual Increases
  • Car Spaces: Nil
  • Condition: Excellent
  • Air Conditioning: Yes
  • Floors: Concrete
  • Lifts: N/A
  • Height: 2.7 meters approx.
  • Age: Circa 2000
  • Car Parking Fees: N/A
Outgoings
  • Water Rates: $1,406 p.a* (2024)
  • Land Tax: $13,947.50 p.a* (2024) (Single holding)
  • Council Rates: $7,924 p.a* (2024)
  • Owners Corp. / Insurance: $17,392 p.a* (2024)
  • Other Charges: Payable by tenant
Melbourne Suburb Profile

Average Advertised Price
Property Type Price (m²) Rent (m²/p.a.) Yield
Industrial --- $305 ---
Retail --- $769 ---
Offices $6459 $798 12.35%
This is the average advertised price, rent and yield for Melbourne, VIC 3000*

Days on Market
Time between initial ad placement and the listing’s withdrawal

Days on Market data for Retail in VIC for Sale

The spread of Days on Market is summarised into 4 time-bands (or quartiles) for each segment.
Understanding market expectations is skewed towards examining changes in the shortest duration quartile (fastest 25%)

Transactions per Month

* Excludes, where applicable, GST, outgoings and incentives. Values calculated based on the prices advertised by the agencies that list their properties on Commercial Property Guide.

Property Detail Notes:

  • 3rd Party Content - The information displayed on this page is supplied by registered real estate agents and other third parties. For questions regarding the information that appears here please contact the agent that is listed.
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