Celebrity chef sells office suite in sizzling Melbourne strata market
Celebrity chef Shannon Bennett has taken advantage of the sizzling CBD strata office market, selling a suite within the near-new Q2 complex at 2 Queen Street for a healthy value equating to $10,000 per square metre of internal area.
The deal is only the sixth to value CBD strata office space at more than $10,000, according to CBRE director Nick Lower, who marketed unit 8.05 with colleagues Tim Last and Tom Tuxworth.
Each of these sales has occurred this year, according to the agency.
Chef and author Shannon Bennett in March 2016. Photo: Craig Sillitoe, Fairfax Media
Measuring 46 square metres, Bennett’s fully-fitted but vacant office sold for $460,000 – representing a capital gain of more than $110,000.
Bennett is head chef of Vue de monde at the Rialto Tower. He owns and operates several more venues, appears regularly on television and has also written several books.
Q2 was built on the site of the Fox & Hounds hotel, which was demolished 16 years ago. At the time, the site had been earmarked for a substantially taller apartment complex.
The strata office building was first proposed in 2004, then in 2006.
Bennett’s suite in the near-new Q2 complex at 2 Queen Street, Melbourne, has sold for $460,000. Photo: Supplied
Q2 includes 120 commercial suites (including ground floor retail), in a 12-level glass building, said to have cost Macquarie Real Estate Equity Fund $35 million to complete in 2008.
The complex, opposite Flinders Street station, also includes a rooftop cigar lounge, licensed to serve alcohol.
End of an era on SKR
Meanwhile, near the Domain precinct of St Kilda Road, Bennett is formalising the ending of an era – selling a premises until recently owner-occupied by the popular Cafe Vue restaurant.
Bennett – he and his wife, actor Madeleine West are considered one of the city’s power couples – can expect about $2.5 million for the 315-square-metre, double-storey space at 401 St Kilda Road, which is being offered fully fitted with luxury restaurant fixtures.
The property includes two car parks and a permit to use an additional 26-square-metre outdoor seating area. CBRE is again representing Bennett – agents Rorey James, Josh Rutman and Paul Tzamalis marketing the retail asset for private sale.
The chef has relocated Cafe Vue to the nearby Royal Botanic Gardens.
The property at 401 St Kilda Road, Melbourne, formerly occupied by Bennett’s Cafe Vue. Photo: Supplied
Developer and publisher Morry Schwartz unveiled the six-level, 401 St Kilda Road complex in 2007, replacing the 1980s Kings Cross Plaza, which included 15 shops and 13 office suites.
With a marketing slogan “worth every million”, the cheapest of Mr Schwartz’s proposed 17 high-end apartments was priced at $2.6 million; a penthouse reportedly sold for $8.6 million.
The eastern boundary of the 401 St Kilda Road complex is on tree-lined Arnold Street, which is classified as South Yarra.
