- Guy Grossi puts Bottega premises on the market
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The former venue of Dracula’s Cabaret Show and Dinner in Melbourne’s Carlton has hit the market for the first time in almost 30 years.
While no price has been disclosed, market sources estimate that the property at 100 Victoria Street could sell for about $10 million.
Opened in 1964 by theatre veteran John Newman and his late wife Tikki, the theatre-restaurant settled in its long-time Victoria Street location in 1990.
The Newman family operated the venue on the corner of Cardigan and Victoria Streets for 27 years before closing its doors in December 2017, making it Australia’s longest-running theatre-restaurant. Their flagship venue on the Gold Coast is still in operation.
The Newman family reopened the doors of the theatre-restaurant for a ‘garage sale’ in February, where fans queued up to buy memorabilia and collectables from the shows.
The 480-square-metre asset, which is being listed with vacant possession, includes a fully-serviced theatre, a commercial kitchen and a rooftop area, as well as a late-night liquor license.
CBRE’s Josh Rutman, Mark Wizel and Jin Jung Heng are marketing the two-storey property with Mulcahy Butera’s Chris Mulcahy.
Mr Rutman said the inclusions provided a flexible package for the next owners.
“Authorities have earmarked the precinct as part of the City North plan, which will see increased development and density over the coming years, making 100 Victoria Street ideally suited for use as a nightclub, multi-level restaurant or hospitality concept.”
The Carlton corner block’s development potential would also attract strong buyer interest, Mr Wizel said, especially for student accommodation and residential developers
“The property would suit a variety of long-term uses given the genuine potential for additional levels to be constructed upon the existing building or a complete redevelopment into a much larger building in the future, subject to relevant planning approvals,” he said.
Some of Melbourne’s largest universities have made major investments into the Carlton area, including Melbourne University, based in neighbouring Parkville, which has joined forces with Lendlease for the Carlton Connects innovation precinct development.
Scape Student Living also has a student accommodation development at 393 Swanston Street, south of Carlton.
Meanwhile, restaurateur Guy Grossi is selling the 198-square-metre property housing the Bottega restaurant, at Bourke Street in Melbourne’s CBD, for more than $5 million.
Expressions of interest for the Victoria Street property close May 17.