Calombaris Gazi and Press Club restaurant sites sell for $8.61 million

07 September, 2015 by
Aoife Boothroyd

The property that holds George Calombaris’ famed Melbourne restaurants, Gazi and The Press Club has been sold to an offshore investor for $8.61 million.

Located on the corner of Exhibition and Flinders streets in Melbourne’s CBD, the property was sold to Singaporean-based Keppel REIT Management Limited who successfully outbid a number of local and offshore interests.

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The property is situated at the base of the historic Herald and Weekly Times building and features a 55 meter street frontage and three separate tenancies, each containing state-of-the-art commercial kitchen equipment and high end internal fit-outs designed by March Studio.  

"The acquisition presents a rare opportunity for Keppel REIT to gain strategic control of the office and retail components in a freehold landmark in the heart of Melbourne's central business district,” says Ng Hsueh Ling, CEO of Keppel REIT Management Limited.

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CBRE and Fitzroys were appointed in May this year to sell the properties. Under the deal, Calombaris’ two flagship businesses will remain at the site under long-term leases.

Both Gazi and The Press Club will continue to be operated under the Made Establishment umbrella together with its other Melbourne restaurants: The Hellenic Republic Lygon Street, Brunswick East and Cotham Road, Kew.

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