Michelin star restaurant rents super fund ISPT-owned Bourke Street space in Melbourne
Superannuation-backed developer and fund manager ISPT has secured Michelin star restaurant Tim Ho Wan as a tenant in its retail and office property at 206 Bourke Street in central Melbourne.
ISPT paid $118.3 million for the five-level property, owned by Singapore's Hiap Hoe, in November.
The 330-square-metre restaurant will be the first Tim Ho Wan in Melbourne, complementing two in Sydney.
Singaporean-owned Tim Ho Wan, which is famous for its pork buns, has been called "the cheapest Michelin star restaurant in the world".
Rents in the Bourke Street centre average $2,000 per square metre.
Gary Loo, director of leasing at Knight Frank, brokered the deal.
"The were looking for a property close to Chinatown with direct street access and frontage to allow for large signage and a weatherproof space to accommodate the long queues of customers that are a trait of their Singaporean counterparts," he said.
