The building of Bruce Dowding and Jason Baker's Cochin Wine Bar & Restaurant at 256 Swan Street for sale by Teska Carson Directors George Takis and Larry Takis.

Teska Carson is marketing a two level, commercial property in sought after Swan Street, Richmond, which is likely to attract a range of buyers including investors as well as future owner-occupiers and developers. The property will be auctioned on Friday, October 1 at 1pm on site.

Home to Bruce Dowding and Jason Baker's celebrated Cochin Wine Bar & Restaurant, the 256 Swan Street property is located on the southern side of the street between Church and Brighton Streets in the heart of Richmond with trams passing by the front door, within walking distance of East Richmond railway station and within two kilometres of the Melbourne CBD.

The 230 square metre, two level, commercial building has been operating as Cochin Wine Bar & Restaurant for a number of years. It includes an open plan, 145 square metre, ground floor with a large seating area, bar facilities and commercial kitchen and rear access to amenities and the yard, while the three main rooms of the 85 square metre first floor comprise a large staffroom, a storeroom and a manager’s office as well as private amenities and a shower.

The 180 square metre site, zoned Commercial 1 under the City of Yarra Planning Scheme, has 8.2 metres frontage to Swan Street and rear access via Wiltshire Street.

According to marketing agents, Teska Carson Directors George Takis and Larry Takis, The property will be sold subject to a five year lease to Cochin, with two further five year options, at $67,295 per annum net with annual 3 per cent increases.

George Takis said the offering presented a blue-chip opportunity for investors as well as future owner-occupiers and developers, situated within arguably Melbourne’s most sought-after inner-city location.

“The property represents an outstanding acquisition opportunity in a precinct which has seen a continuous upsurge in popularity due to the attraction of high profile retail, residential and commercial developments.

“The location also benefits from all the essential amenities in close proximity including excellent public transport - trains and trams - recreational facilities and major arterial routes,’’ he said.

Larry Takis said the property also offered long term growth potential in one of Melbourne’s most popular inner-suburban retail/commercial precincts and one which continues to prosper in meeting the needs of a growing local population.

“Properties of this calibre and versatility are highly sought after and continue to offer investors, owner-occupiers and developers the benefits associated with the most dynamic city fringe addresses,’’ Mr Takis said.

He said the land was located within the City of Yarra’s Swan Street Structure Plan which identified Swan Street as a major activity centre.

“This plan provides a framework for future development in the immediate vicinity, providing for building heights of up to three levels and encouraging a diverse mix of uses including retail, residential, commercial and industrial, underpinning a vibrant social and economic community,’’ Mr Takis said.

Mr Takis said the property’s key attributes included:

• Prized Richmond location;
• Secure lease to longstanding tenant;
• Income of $67,295 with 3% increases;
• A site area of 180 square metres;
• Commercial 1 zoning; and,  
• Rear access via Wiltshire Street.

To request a copy of the Information Memorandum please contact one of the marketing agents via the contact details below.