Blocktagon

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<p>An investor has snapped up the cafe premises on the ground floor of The Blocktagon South Yarra redevelopment.</p>
<p>They paid $1.11 million for the space, currently leased to Mister Zen. It was bought on a 4.3% yield.</p>
<p>The new owner intends to hold property as a long-term investment.</p>
<p>Fitzroys agents James Lockwood and Chris Kombi sold the 5 Commercial Road premises.</p>
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<p>Lockwood said they are already in the hospitality industry, with that experience providing them with further confidence investing in this type of asset.</p>
<p>“Interest came from local and offshore parties due to the quality of the tenant, which has been hugely successful in catering to the young and vibrant demographic of area, while the incredibly rare chance to own part of an iconic Melbourne property was also a drawcard,” Lockwood said.</p>
<p>He said the highly exposed property is in a vibrant location close to Punt Road and adjacent to the Alfred Hospital and Fawkner Park, and near tenants that include Caltex, Guzman y Gomez, Officeworks, Volkswagon, and L’Hotel Gitan.</p>
<p> <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/2/27/Block2.jpg" alt=""></p>
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<p><span>The café itself was designed, constructed and named by the participating teams of the season as part of a challenge on the 2015 series of The Block.</span></p>
<p>Under the direction of architect Julian Brenchley, the interior was created with combinations of concrete and timber and includes angular ceilings with negative spacing, feature light bulbs throughout, and a separate lighting system design imported from Italy, while its coffee and health-oriented menu have created a loyal following.</p>
<p>The 135 sqm cafe includes an architecturally designed courtyard of a further 195 sqm.</p>
<p>The space yields $48,801 per annum. Mister Zen currently holds a 4 x 4 x 4 year lease.</p>
<p>It was the first time the commercial aspect of the property had been up for sale since it last traded for $975,000 in 2017.</p>
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jrobinson-rf4aSBido9

The Blocktagon South Yarra cafe sells to investor

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<p>The cafe commercial space beneath South Yarra's former Hotel Saville, dubbed The Blocktagon when redeveloped on the hit renovation show The Block four years ago, is up for sale.</p>
<p>The space at <a href="https://www.realcommercial.com.au/property-retail-vic-south+yarra-503055898" target="_blank">5 Commercial Road</a> is currently the home of cafe Mister Zen, who occupy the 133 sqm corner premises.</p>
<p>An architecturally designed courtyard of a further 195 sqm comes with the purchase.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/2/6/Block3.jpg" alt=""></p>
<p>The space yields $48,801 per annum. Mister Zen currently holds a 4 x 4 x 4 year lease.</p>
<p>The building, which was formerly the seedy hotel, appeared on season 11 of The Block in 2015.</p>
<p>The commercial premises has sold only once since the show aired. It fetched $975,000 in 2017 when it was asking over $900,000.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/2/6/Block2.jpg" alt=""></p>
<p>Now Fitzroy's Melbourne agents James Lockwood and Chris Kombi have a guide of $1.2 million.</p>
<p>There's only been <a href="https://www.urban.com.au/news/71756-suzi-taylor-blocktagon-apartment-sold" target="_blank">one resale of the apartments</a> in the last four years.</p>
<p>It was the three bedroom apartment of controversial contestant Suzi Taylor and her friend Yvonne 'Vonni' Cossier.</p>
<p>It sold for $2.35 million, well up on its $1,829,000 sale under the hammer live on TV in late 2015.</p>
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The cafe premises in The Blocktagon South Yarra listed for sale

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<p><span>The Blocktagon, South Yarra apartment designed by The Block’s most controversial contestant, </span><span class="caption-text">Suzi Taylor was passed in at $2 million when auctioned on the weekend.</span></p>
<p><span class="caption-text">It was offered with </span>$2 million-plus price hopes and had a $2.35 million reserve.</p>
<p>The three-bedroom pad last sold for $1.829 million. It is the first resale in the block since the 2015 finale of the hit renovation show’s eleventh season.</p>
<p>Suzi Taylor and Yvonne ‘Vonni’ Cosier pocketed $349,000 after they renovated the fourth floor of the derelict former hotel.</p>
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<p>Gold Coaster Suzi controversially danced topless on a boat after Oaks Day, collapsed on set and was admitted to hospital during the series.</p>
<p>RT Edgar agent Nikki McCarthy said the property would earn buyers a great rental return with a permanent $1800 a week tenant or as a $485 a night short stay, and came with most of the furniture from the show.</p>
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<span class="caption-text">Black is a feature colour throughout the home.</span><span class="image-source"><br></span>
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<div class="image-frame"><span class="caption-text">This article first appeared in the Sunday Telegraph.</span></div>
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