Investors keen to stake a claim on the successful adaptive reuse of a Gothic church-turned-cafe in “one of Melbourne’s fastest growing inner city locations” should look no further.
A private vendor is letting go of 23a Gladstone Street, Moonee Ponds, home to popular architect-designed Quarter Two Cafe – formerly called Dear Abbey – with price expectations exceeding $2.2 million.
But don’t fret if you’re a fan of the popular all-day brekkie eatery, which has an average 4.3 star Google review, it comes with a renewed lease.
Quarter Two Cafe, known for its “fresh, flavourful, and beautifully presented food,” has signed a secure 5+5+5-year deal, set to earn $123,600 per annum plus GST.
An investment in the small business will be bolstered by a ballooning local workforce, including the Australian Taxation Office and the head office of Honda, with parking never a problem despite being just seven kilometres north-west of the CBD.
In addition, there are about 2000 apartments already in the immediate area, with thousands more residents expected with major new residential projects, such as Penny Lane, and the $2 billion redevelopment of Moonee Valley Racecourse underway.
The property, which includes the church’s spire in a self-contained two-level premises, is being marketed by Ervin Niyaz and Chris Kombi from the Fitzroys agency.
“We’re expecting interest from private investors and self-managed super fund investors based locally and around the country,” Niyaz says.
“Investors will note the uniqueness of the property – this isn’t a standard shopfront – as well as the secure lease to a proven operator, strong income stream, and excellent location in one of Melbourne’s fastest-growing inner city locations.”
The cafe, part of the Wesleyan Church redevelopment, is housed in a 300-square-metre building that blends a newly built section with part of the old church structure.
The spire can be accessed via an internal staircase, and the listing also includes an office and storage areas.
There are nine homes in the greater Wesleyan Church redevelopment, some offering four levels and three bedrooms, tucked behind the spiral tower of the Gothic structure.
The residential transformation preserved key features from the religious era, including the original leadlight windows, soaring timber-lined ceilings, and the grand-scale exterior design.
Set within the booming Moonee Ponds activity centre, the property benefits from a high-profile location opposite over 500 car parks and a Woolworths.
It is also steps from the busy Puckle Street retail strip, anchored by Coles and Aldi at Moonee Ponds Central.
“Moonee Ponds is experiencing a generational development boom,” Niyaz adds.
“The rapid growth of the catchment has supported business in the area, and further increases will underpin trade prospects over the long-term.”
Moonee Ponds benefits from excellent access to public transport, including rain, tram and bus, with major road arterials nearby.
Expressions of interest close at 3pm on April 30.