While its doors may have closed to diners, La Porchetta’s original restaurant in Carlton North is open to buyers.
Created by Rocky Pantaleo and Felice Nania in 1985, the former run-down pizza shop became a local Italian institution, spawning a succession of franchises across Australia and New Zealand.
The family-run restaurant served generations of diners until final service in February 2024. Now, the sprawling freehold building at 388-394 Rathdowne Street is for sale for the first time in 40 years.
Comprising four shopfronts, it’s a significant landholding in the heart of leafy Rathdowne Village, spanning 515 square metres with a frontage of more than 20 metres.
Listing agent Damien Theisz, of Nelson Alexander Commercial Fitzroy, said the site is a “once-in-a-generation” chance to secure a landmark building in a tightly held neighbourhood.
“Opportunities like this don’t come up very often. It’s right bang in the middle of the action in Rathdowne Village, on the right side of the street, so this is very much prime real estate,” Theisz said.
“From my point of view, there are a number of different options. I’ve had calls from developers, being four shopfronts in a row with laneway access. Then there will be investors interested in Carlton North, who will lease it out or convert it back to shopfronts.
“Or owner-occupiers, whether hospitality or retail, who might occupy a couple of shopfronts and lease out a couple, or occupy the whole space,” he added.
“People have a lot of fond memories [of La Porchetta]. It certainly has generated a lot of interest.”
Offered with vacant possession, the site is zoned Commercial (C1) for versatile commercial usage and includes a building area of approximately 621 square metres.
Featuring period verandahs and footpath dining options (subject to council approval), it’s well-positioned to capitalise on the area’s strong hospitality and lifestyle appeal.
There is also an existing liquor licence and hospitality infrastructure included.
The building at 388-394 Rathdowne Street is for sale by expressions of interest, closing at 3pm on June 4, 2025.
