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.
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.
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.
