Adrian Richardson's La Luna vacates Rathdowne Village corner, 'well-known restauranteurs' swoop
All eyes are on the gaping hole that remains in a charming and picturesque inner-city village with one of the lowest turnover rates in Melbourne following the departure of celebrity chef Adrian Richardson’s La Luna.
The striking double-storey heritage corner block – famous for its fine wines and steaks and peeling paint exterior – will go under the hammer for the first time in 37 years next week, after its TV chef and leaseholder Richardson hung up his apron following a 26-year tenure.
Just three kilometres from the CBD, the private owner of the 270-square-metre heritage building has price expectations upwards of $1.8 million, according to listing agents Shane Mills and James Lockwood of Fitzroys, together with Pat Burke of MP Burke Commercial.
“Rathdowne Village is very tightly held with properties rarely changing hands,” Mills said.
Rathdowne Village is located in Carlton North, from Princes Street to Pigdon Street, and has “one of the lowest vacancy rates in Melbourne”, added Lockwood.
Lockwood said the property, at 320 Rathdowne Street, had received 74 inquiries so far, with potential buyers considering various renovation costs and possible uses, including turning it into residences or an event-hosting art studio.
However, he added that many interested restaurateurs and restaurant groups have also inspected the property.
“We’ve had a lot of restauranteurs through, quite well known ones, who have come through and inspected it, so it could be an owner-occupier … it’s obviously got the full kitchen infrastructure in place, someone can move straight in, spend a bit of money on it internally and have a restaurant ready to go.”
Richardson and the La Luna crew, who became a much-loved institution on the tree-lined streetscape, served up their final steaks last August, opting instead to “challenge themselves doing new things” upon the end of the lease period, Lockwood said.
The restauranteur cited “exciting new projects” behind the stalwart eatery’s closure, including a pop-up in his Brunswick East bar Bouvier, plus two new Brisbane ventures, BOS and The Aviary.
Richardson – certainly no stranger to hard work – also runs a high-end corporate dining venue The Gallery at Marvel Stadium, and a steak restaurant in Geelong called Maestro.
With all the right bones for a restaurant rebirth, there’s a permit in place at the property for 110 patrons.
However, to take advantage of the 32-metre street frontage, new owners could boost capacity by applying for a trading permit to allow diners out the front on the leafy footpath.
Lockwood said the property would likely undergo a transformation after it changed hands.
“There’s some work to do in the property. It didn’t see a refurbishment in those years so there’s a bit of work to do,” he said.
“You could have a business on the ground floor and live on the first floor … so it’s got a few angles. The general feedback is, there’s interest, people like the village … they’re at a stage where they’re looking at: ‘How much could you spend?’ Could you spend $500,000, or could you spend $2.5 million on it and take it to a different level?”
As for the peeling paint?
“It’s all part of the charm,” added Lockwood, adding they advised the private owner against painting it.
La Luna farewelled their customers, shutting for good last August 3, and thanked them for being “amazing patrons and community”.
“Since day one, we’ve been dedicated to bringing you the best beef, finest wines, and top-notch service. It’s been an absolute joy to share countless memories with you all. As we hang up our aprons here, we’re thrilled to embark on new culinary adventures,” Richardson wrote on Instagram at the time.
“We want to extend our heartfelt gratitude to our amazing patrons and community. You’ve been our backbone through every high and low, and we couldn’t have done it without you.”
The strip, popular among owner-occupier businesses from butchers to cafes, has serviced the neighbourhood for 150 years – initially hosting a sizeable Jewish population, and is home to around 87 businesses, earning a reported turnover rate of around 16 per cent.
It is well-located near universities and hospitals and boasts a growing inner-city residential catchment.
The suburb has a population of 6280, on average, 20 to 39 years old – mainly single dwellers as opposed to families – and it attracts slightly more renters than owners, census data reveals.
The median house price for a three-bedroom home in Carlton North is $1.71 million, according to Domain.
The property will be auctioned on-site on March 20.
