Restaurant

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Fast food retail investor Chris Retzos has sold his KFC restaurant in Altona North for $5 million to Asian investors on a record low yield of 3.7 percent.
Bidding for the KFC opened at $3.5 million with four bidders competing for the takeaway premises.
The hammer price at the Burgess Rawson auction bettered the previous $4.14 million record sale of a Melbourne KFC in May this year on a 4.8 percent yield.
The Retzos Group operates more than 40 KFC restaurants in Australia.
It will lease back the Altona North KFC on a new 10-year lease. 
The buyer was a Melbourne-based group of Asian investors, who own other fast-food investments.
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KFC store sells at record low yield

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A securely leased retail property in Melbourne's Surrey Hills is up for sale through Teska Carson with expectations of more than $1 million.
The property, 540 Whitehorse Road, is 210 sqm over two levels on a 217 square metre site.
Tesla Carson's Michael Taylor said the property is currently leased to the Triple King Chinese Restaurant, on a five year term with a five year option at $62,400 per annum.
"Surrey Hills lies within Melbourne’s demographic centre, an area which continues to attract strong residential growth which in turn drives retail and commercial returns," he said.
"The strip has an excellent tenancy history with little to no vacancy and that is a reflection of the strong demand from the surrounding residential catchment."
The property is for sale by expressions of interest closing Wednesday, August 31, at 3pm 
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Surrey Hills Melbourne restaurant up for sale

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An Italian restaurant and bed &amp; breakfast property in Adelaide Hills is up for sale through private treaty.
Located in historical Kanmantoo in South Australia, the 14 Old Princess Highway property comprises an authentic Italian restaurant seating up to 120 guests, along with two newly established bed and breakfast villas. 
There is also council approval for another five villas and a wedding/function centre for 150 guests. 
Colliers International’s Chet Al and Oliver Totani been appointed to sell the property. 
“Formally the Britannia Hotel, the property was built between 1848 and 1850, and extended around 1863 for operation as a boot maker,” said Al.
“The property is now operated as a tourism and hospitality venue, comprising a 263 sqm restaurant, 109 sqm living area and two bed &amp; breakfast cabins. The Osteria Sanso restaurant was established more than 13 years ago and has now been family owned and operated since day one.”
The property also has a three-bedroom owner’s residence.
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Restaurant in idyllic Adelaide Hills goes to market 

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A freehold property leased to Asian diner Wah Kee in Melbourne's Clayton has sold at auction for $2.02 million on a tight yield of 3.3 percent.
The property at 338a Clayton Road comprises a 200 sqm building with frontage on a 250 sqm area.
It is leased until the end of 2016 to Wah Kee restaurant with no further options, and returns $68,280 per annum plus GST and outgoings.
Fitzroys agent Mark Talbot handled the selling campaign, along with Joe Guberek of Park Lane Real Estate.
The sale follows that of 385 Clayton Road last month also conducted by Fitzroys which sold for $2.225 million, reflecting a yield of 2.95 percent.
“Clayton Road is a thriving retail strip offering a wide range of retail services and a diverse array of food and beverage offerings supported by the varied demographics of the surrounding catchment area,” Talbot said.
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Shop leased to Asian diner in Melbourne's Clayton sells for $2 million on a tight yield 

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The Jamie's Italian chain and other iconic eateries controlled by the collapsed Keystone Hospitality Group have been put on the market by the receivers.
All 17 leasehold venues are for sale, after the group went into receivership last month after failing to renegotiate lending arrangements with its financiers KKR and Olympus Capital.
Keystone does not own any of the real estate in which it operates.
Ferrier Hodgson's Morgan Kelly and Ryan Eagle have appointed CBRE as the lead sales advisor.
The one caveat is that the Jamie’s Italian restaurants must be sold as a group.
“The Sydney, Brisbane, Adelaide, Perth, Canberra and Parramatta Jamie’s Italian restaurants are some of the best performing Jamie’s Italian restaurants globally and offer a very attractive opportunity for the right partner. We will continue to work closely with the Jamie Oliver Restaurant Group with a view to identifying a new partner for their business in Australia,” Mr Kelly said. “This may be part of a whole of enterprise sale or as a separate portfolio.”
Short-listed parties will be invited to commence due diligence via a commercial-in-confidence data room before submitting formal offers. 
“Formal bids are expected to be submitted and assessed in September 2016, with the aim of reaching in-principle agreement with a buyer or buyers in late September 2016.”
Kelly is hopeful that sales will be finalised be for the commencement of summer trade.
The Australian reported the failed restaurant operator had been due to repay its international lenders $25 million on the eve of its administration.
But the company, which was until recently run by Southern Cross Austereo boss Grant Blackley, was instead yesterday pushed into receivership by its lenders, American private equity giant KKR and Singapore-based private equity outfit Olympus, which it owed almost $80 million.
Accounts show the company, which is now run by investment banker and shareholder Richard Facioni, lost $20 million last financial year after turning over $120 million.
The Keystone accounts show Mr Facioni and fellow directors Warren Duncan and Robert Webster had agreed with the private equity giants to restructure the business, including raising an immediate $5 million in fresh equity from existing shareholders and selling assets that included Bungalow 8, Cargo Bar, Kingsleys and Jamie’s Italian chain.
The AFR reported 60 creditors were present at the first creditors meeting. 
Speaking publicly for the first time, the directors revealed to AFR Weekend they were planning an initial public offering for the group to raise equity and pay back the secured debt of about $78 million. They and other shareholders also injected $5 million of their own money into the business late last year.
This leaves about $34 million of unsecured debt, which included $6 million owed to trade creditors. many of them were at the meeting on Friday.
Keystone executive chairman Richard Facioni said the individual venues were trading well, but at a corporate level, the group was carrying too much debt.
Facioni also explained that the $24 million loss in the last set of accounts which prompted their auditors PwC to raise a going concern issue was made up mostly of interest payments and expansion costs related to the purchase of Pacific Restaurant Group, which owned rights to Jamie's Italian and other venue expansions.
The group made $120 million in revenue last year.
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Keystone selling all Jamie's Italian in one line

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A small shop in Gold Coast’s Broadbeach is up for lease and would ideally suit a fast food eatery.
The property at 6/2723 Gold Coast Highway is being marketed by Raine &amp; Horne’s David Task.
Spread over 44 sqm, the property has a partial fit-out and includes a cold room and exhaust canopy. It is available from August 1.
Fronting Gold Coast Highway, the property has great exposure. It is also opposite the Convention Centre and Light Rail station
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Fast food outlet in Gold Coast's Broadbeach up for lease through Raine & Horne

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Philippe Mouchel, rated as one of the world's finest French Chefs, is opening another Melbourne restaurant, at the Paris-end of Collins Street.
The “Philippe” restaurant follows other top names, mainly luxury fashion retailers, flocking to Melbourne's Paris End, Collins Street, Russell Street and Flinders Lane.  
The restaurateur is moving into a 400 square metre basement restaurant at 115 Collins Street. He has signed a three-year lease and the net annual rental equates to about $380 per sqm.   
Knight Frank's Gary Loo brokered the deal.
Mouchel's career has been spent in the kitchens of Michelin star restaurants such as Hotel Frantel Bordeaux and Restaurant Roger Vergé in Mougins. He moved to Tokyo to work in a new restaurant Paul Bocuse was opening and later relocated to Australia.  
In 2005, Mouchel opened French restaurant, The Brasserie by Philippe Mouchel, at Crown. He was bestowed with The Age Good Food Guide's Chef's Hat award each year of its operation. Last year, he opened Deja Vue, a concept restaurant on St Kilda Rd in the former Café Vue space.   
“The growth of residential dwellings which has grown to 68,100 across the City of Melbourne has fed the need for food and beverage space within the city," said Loo.
“Food and beverage floor space now totals 646,600 square metres, having increased by 21,700 sqm since 2013.” 
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Top French chef Philippe Mouchel to open restaurant in Melbourne's Collins St

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Restaurateur, the Little Billy Group, has agreed terms on a new lease at the Village Centre in the heart of Wonga park in Melbourne.
Located on the corner of Yarra Road and Launders Avenue, the property comprises a 600 square metre tenancy leased on a 20-year term with options.
The rental was not disclosed, however, the asking rent was $550 a square metre 
The deal was brokered by Savills Australia's Michael Di Carlo.
"The owner has expanded the building to offer approximately 600 square metres of floor space to provide the tenant with the room to supply quality deli offerings along with a restaurant and café,’’ Di Carlo said.
The lessor is a Sydney-based investor.
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Little Billy commits to Wonga Park Village Centre

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A sky-high cocktail bar with panoramic views of Sydney is set to become the highest bar in Parramatta.
Set top open in 2016/17, the Sky Bar sits more than 100 metres above the ground level atop Crown Group's new $309 million development V by Crown.
Crown Group Director of Sales and Marketing Roy Marcellus said the new Sky Bar at V by Crown would have the best views in Parramatta.
“There is a huge demand for bars like this in Parramatta; offering luxury style in a relaxed atmosphere," he said.
Designed by Sydney-based Allen Jack + Cottier and Koichi Takada Architects, the bar offers views of the Blue Mountains, Sydney CBD and the Sydney harbour.
The internal bar area with direct lift access spreads across 275 sqm of internal space and a 90 sqm outdoor terrace.
Stage one of the development is set to be completed in December and an official date for the Sky Bar opening will be announced later this year.
The 590 luxury apartment block has studios for sale from $550,000, one bedrooms from $729,000, two bedrooms from $920,000, and a three bedroom apartment for sale at $1.2 million.
There is one three bedroom penthouse which is for sale for $2.3 million.
The building features an alfresco dining and retail piazza on the ground level.
The development is 600 metres from Parramatta City Council's $2 billion, 3 hectare vertical village.
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For more information, <a href="https://vbycrown.com.au" target="_blank">click here</a>.
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Sky-high cocktail bar atop V by Crown's Parramatta development

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The home of Sydney’s Rockpool Bar &amp; Grill and Spice Temple, 66 Hunter Street is about to come to the market.  
Set within the City Mutual Trust building, the 2,019 sqm space holds two restaurants.
“66 Hunter street comes with long term leases to Australia’s most awarded chef, Neil Perry, who will continue to operate arguably two of the best restaurants in the country at this wonderful location,” listing agent, Miron Solomons of Colliers International said.
"The asset is located in the heart of Sydney’s financial district, and with such a highly regarded, long term and stable tenant in place it will always be highly sought after by a local and international investors. 
The property is being sold by US based investor, David Doyle who has decided that selling the asset in the current market would free up capital for him to explore future opportunities.
Doyle is Perry's business partner.
The international expressions of interest campaign closes March 2 with $30 million plus tipped.
It follows the successful sale of Rockpool restaurant Bridge Street last October for more than $8 million.
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