High profile Melbourne businessman and pollster Gary Morgan has listed a restaurant property in Flinders Lane for auction through Kliger Wood.
Morgan who pocketed $7.25 million from the sale of an office property earlier this year has enlisted Kilger Wood to sell the property via auction.
The auction is unique as Morgan is offering the Moylan’s Bistro restaurant, which occupies the lower ground floor level of the Flinders Lane frontage, on an all inclusive basis as an operating business with the fixtures and fittings.
Moylan’s Bistro includes a full commercial kitchen, separate air conditioning system and male and female amenities.
Kliger Wood’s director Eugene Wood said the sale is expected to fetch around $3 million.
Built in 1880s, the Flinders Lane building comprises a lower and upper ground floor together with three upper floors. The respective areas are 239 and 312 sqm for the ground floors and 973 sqm for the three vacant upper floors to give a total building area of 1,524 sqm.
In addition, the property has an 8.74 metres frontage to Flinders Lane while the building is within the premium Capital City 1 Zone.
“Previously a planning permit was obtained for the redevelopment of the property inclusive of one level of offices on the upper ground floor with three serviced apartments on each of the three upper floors.
“Although the permit has expired this proposal indicated the potential development options that the 384-386 Flinders Lane building offers,” he added.
In November 2005, Morgan offered the Flinders Lane building for sale by Tender in conjunction with his 411 Collins Street building, which immediately adjoins to the north.
The larger 411 Collins Street building was sold for refurbishment to a private investor for $7.25 million and the Flinders Lane building was withdrawn from the market.
“With few building refurbishment and redevelopment opportunities available in central positions in the Melbourne CBD we anticipate that the potential of 384-386 Flinders Lane will be widely recognised.
“The purchaser will have the option of continuing to operate Moylan’s Bistro, or to lease it out on an ongoing basis. Suggested development and refurbishment plans for the three upper floors for apartments, boutique hotel or office suites are available,” Wood concluded.
Kliger Wood Real Estate will auction the vacant possession building at 384-386 Flinders Lane on site on Friday October 06, 2006 at 1pm.
By Kathryn O’Meara
