Property Development

Richard Pusey sells Cat Café freehold for $4.4 million

Richard Pusey sells Cat Café freehold for $4.4 million
Written by The ReReport
As seen in the Source link, written by on 2019-09-07 10:28:59

Mortgage broker Richard Pusey has sold a historic Melbourne CBD building after three years.

The 30 Guildford Lane property traded at auction on Thursday for $4.4 million.

It was acquired by a local investor.

The double storey red brick property is leased to Cat Cafe.

Mr Pusey paid $2.8 million for then-vacant double-storey complex, which sits on a 132 square metre block – leasing it in 2017 to Cat Cafe – a business unique for having cats live onsite.

CBRE’s Julian White and Alex Brierley and Steveway’s Andrew Kolovos and Steven Pantelious marketed 30 Guildford Lane for sale.

The cafe has cats which live onsite.

The agents said the investment provides the opportunity for a substantial rental uplift.

In future, the 237 sqm space can be split to create multiple tenancies. Or, an owner-occupier can move in, they added.

About 200 metres from Melbourne Central train station, the cafe is close to the Brady Group’s 380 Melbourne, which will contain 728 flats and a 312-inn hotel.

3L Alliance’s major Queens Place project is also in the vicinity.

Thursday’s auction was attended by a large crowd.

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