Dream big and transform Sydney's Little Italy with six lots for sale for $6m
A strip of adjoining shops and restaurants set in a Tuscan-style open-air piazza in Sydney is selling for $6 million.
The Italian Forum in Leichhardt, a strata-titled Little Italy precinct in the city’s inner west, stands out from an aerial view of the city’s skyline, with tiled roofs in shades of tan burnt red.
Listing agent Philipp Tsiprin, of The Agency, says the ground floor offering at 23 Norton Street includes six lots, presenting as four shops; two of which are vacant, and two are tenanted. Tenants include an Italian-Mexican eatery and an artisanal chocolatier.
Some of the lots were combined to form larger outlets, spanning a collective 773 square metres of floor space in the up-and-coming suburb known for its ethnic heritage, with 10 car spaces.
Leichhardt is undergoing revitalisation, making it an ideal opportunity for a clever investor to recreate the “pumping” old-school Italian vibe, given its location next door to the Italian Forum Cultural Centre.
The concept of the old-school Italian vibe has seen a rise in popularity of late, thanks to comedians-turned-restauranteurs Sooshi Mango, known for their recreations of their ethnic Italian upbringings in Australia.
The trio opened a restaurant in Melbourne’s Little Italy, following their worldwide comedy tour success and the initial popularity sparked by viral videos that poked fun at their families.
The Lygon Street, Carlton eatery, Johnny, Vince and Sam’s Ristorante, sees diners queue for hours to sit at tables adorned with plastic table cloths over doilies.
“It would be amazing if they purchased it,” says Tsiprin.
The vendor, who has acquired the lots individually since 2017, envisioned revitalising the area with a new fountain, live entertainment and restoring Italian specialty shops.
The Italian Forum, inspired by the piazzas of Italy, is a renowned cultural and retail precinct originally designed to celebrate the area’s rich Italian heritage and has hosted community events, food festivals, and cultural gatherings over the years.
The Italian Forum, which opened seven kilometres from the CBD in the late 1990s, was “pumping” in its heyday, says Tsiprin.
Tsiprin says that although the listing lends itself well to an Italian precinct, a cultural rebirth or revitalisation of any kind is most welcome.
“It will obviously benefit someone who wants to come and recreate something at the Italian forum. With someone’s vision, it can transform. And with the 773-square-metres, there is a great opportunity there for someone to create something.”
“It presents an unparalleled opportunity to bring your own vision to life.”
Tsiprin says he has already received some local and international interest since the listing went live last Friday.
“We’ve got a few players, including an international one – from Europe – on the horizon,” he says.
“Someone with a multinational brand coming to Australia would be great as well.”
Representatives for Sooshi Mango were contacted, but declined to comment on the opportunity.
