Former site of much-loved Thy Thy in Richmond hits rental market
Victoria Street in Richmond has long been known as Melbourne’s go-to destination for authentic Vietnamese cuisine – a stretch of cheap eats and family-run institutions.
Now, investors and hospitality operators have the chance to secure one of the strip’s most significant sites, with the fully commercial space at 66 Victoria Street up for lease.
Formerly home to the final generation of much-loved Vietnamese restaurant Thy Thy, the landmark property is part of a dynasty that has fed generations of locals, late-night diners and visiting celebrities.
In 1980, Vietnamese couple Trang Le and Van Ho opened Thy Thy 1, at 114 Victoria Street, named for their eldest daughter, after which they opened Thy Thy 2 at 116 Victoria Street. Then, finally, they bought the building at the corner of Victoria and Shelley Streets in 1989 and opened Tho Tho, named for their son Thomas. It was later renamed Thy Thy Counter & Canteen and is the site currently for lease.
For decades, the restaurant stood among Richmond’s busiest dining rooms and was the kind of place where, as Nelson Alexander Commercial partner Kristian Lunardi recalls, “politicians, famous people … everyone went; it was one of the ‘it’ spots in Richmond”.
In more recent years, the venue was a cornerstone of Victoria Street’s famed cheap-eats culture, where crowds went for a steaming pho and tasty bun. A well-known photograph of Le and Ho’s son Tho Tho once hung inside, becoming part of the restaurant’s folklore. “Growing up, everyone knew it – people would say, ‘Tho Tho is the place with the photo of the boy,’” Lunardi says.
“Almost everyone we speak to knows the property or has dined there at some point,” he says. “It’s a landmark. This particular corner has always been important to the street, and a strong operator will make a massive difference to the precinct as a whole.”
The property presents a strong opportunity for a new operator to make their mark on one of inner Melbourne’s most visited hospitality strips. Spanning 498 square metres, the space is fully fitted and comes with a liquor licence for about 242 patrons, allowing a seamless transition for a new restaurant, bar or cafe.
“It’s a walk-in, start-trading opportunity,” Lunardi says. “It’s one of the larger tenancies on Victoria Street, which is significant as the precinct bounces back from a rough post-COVID period. We’re already seeing interest from major hospitality groups wanting to put their mark on the street and bring it back to life.”
The property underwent a renovation around two years ago that brought the infrastructure, interiors and kitchen facilities to ‘next to new’ condition.
While its legacy lies in Vietnamese dining, Lunardi says the site could accommodate almost any culinary direction.
“We’ve had inquiries from all types of cuisines. It could be high-end or casual. There’s incredible versatility here,” he says.
Connectivity adds further appeal, with trams, trains and buses all within easy reach, along with NBN fibre to the curb. Lunardi notes that the Hoddle Street end of Victoria Street is undergoing a shift, with hospitality operators eyeing the stretch for a new venture due to its prime position near the city, the Melbourne Cricket Ground and Abbotsford.
“It’s got a lot of micro-markets, and what I mean by that is, you could walk a few metres down the street, and it’s a bit flat, but then the next 200 metres, it’s quite activated,” Lunardi says.
“This section here of Victoria Street is activated with the Avery Hotel across the street, and [it attracts] a lot of people post-footy game at the MCG looking for somewhere to eat.”
