New owner splashes $3.106m on Teahouse at Chinatown

Teahouse auction_

Melbourne, 07 February 2018 – A popular Chinese restaurant operating in Melbourne’s tightly held Chinatown precinct for almost two decades has sold for $3.106 million.

Teahouse at Chinatown is a well-known restaurant located at the ground level of the ‘Punt Hill Apartment Hotel’ at 11-17 Cohen Place.

The 270sqm restaurant was sold for a rate per square metre of $11,500.

CBRE’ Chinatown Property Advisory Centre negotiated the sale of the property to a Chinse investor.

CBRE’s Lewis Tong said the property’s location in the sought after Chinatown precinct was instrumental to its sale.

“The property’s enviable position at the foot of the renowned ‘Punt Hill Apartment Hotel’ drew strong interest from both offshore and local investors looking to capitalise on the forecast rental growth in this tightly held precinct,” Mr Tong said.

Mr Tong said the sale highlighted the activity of Asian investors in the Melbourne market.

“Since our Chinatown showroom has opened, we have been able to identify the strength in demand from Asian investors looking to purchase commercial property in Australia, with many of our enquiries to date coming from new entrants looking to enter the market,” Mr Tong said.

“Many offshore investors aren’t familiar with the fundamentals of Melbourne’s economy, such as business, population growth and the property market. By having greater exposure to the Asian market with our Chinatown showroom, we have been able to educate and help provide confidence to those investors.”