Melbourne, 26 November 2015 – The home of one of Collingwood’s most iconic dining institutions, Jim’s Greek Tavern, has been placed on the market for the first time since 1973.
CBRE’s Josh Twelftree, Jamus Campbell, Paul Tzamalias and Rorey James have been appointed to sell the site, which has been leased by Jim’s Greek Tavern for 41 years.
Located at 32 Johnston Street, the 310sqm property features prominent frontage to Johnston Street, modern restaurant fit out, spacious courtyard, white-washed walls and a laid-back vibe which channels a traditional Grecian experience.
Mr Twelftree said the property represents an outstanding investment opportunity within the city fringe market.
“Extensive interest from a range of national and local investors is expected, underpinned by the established tenant profile.”
“Melbourne has the world's third-largest Greek population and a vibrant Hellenic food scene; therefore restaurants such as Jim's Greek Tavern in Collingwood are the stuff of local legend and are converted by investors,” Mr Campbell added.
“Given the high level of buyer interest in the Collingwood area recently and the strength of the retail market, the property’s private owner has deemed it an ideal time to sell.”
The site will be sold via public auction, with price expectations circa $2.5M.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.