Pictured above: 123-127 Marrondah Highway, Ringwood
The Freehold Interest in one of suburban Melbourne’s premier late-night hospitality venues has come to market, with the state-of-the-art complex expected to draw heavy investor appetite.
Located at 123-127 Marrondah Highway, Ringwood, the property was recently constructed and houses three levels, positioned in the retail & commercial heart of one of Melbourne’s fastest-growing suburbs. Across multiple levels, the property boasts an NLA of over 1,400 sqm and provides investors with a combined income of circa $493,000 plus GST p.a. through its current tenancies.
123-127 Maroondah Highway, Ringwood houses three of the eastern suburb’s most frequented hospitality venues and event spaces, with ‘Baby’ Nightclub comprising the ground floor area, the highly popular ‘Bungalow Beer Garden’ set across the first floor, which features a spectacular outdoor terrace, internal dining area and fully equipped commercial kitchen. The top floor houses ‘Hyde Rooftop’, a stunning rooftop venue popular with weddings, private functions, and corporate events.
JLL’s Will Connolly expects the interest level to be high, given the spectacular physical quality of the asset and the strength of the underlying tenancies. “Our vendors have truly spared no expense in ensuring the asset has been finished to the highest level of quality since its rebuild in recent years, to now provide a new owner with a true ‘set & forget’ investment opportunity,” said Connolly.
With Melbourne’s eastern suburbs rapidly transforming into the city’s ‘second CBD’, JLL’s Lachlan Persley anticipates investor interest to capitalise on the asset’s up-and-coming location. “We’re now seeing Ringwood’s exponential growth with QIC recently commencing the construction of their 12,000 sqm A-grade office development, adjacent to the Eastland Shopping Centre. This along with the recent opening of Accor’s 103-room, ‘Sebel Melbourne Ringwood’ has quickly established Ringwood as a major drawcard to blue chip corporates, national retailers and leading hotel groups,” commented Persley.
The Freehold Interest in 123-127 Maroondah Highway, Ringwood is available via Expressions of Interest closing Thursday 2 March at 5 pm.
