Longrain, Little Bourke Street, Melbourne premises fetch $5.3 million
The Longrain restaurant premises sold at auction this month for $5.3 million.
The 1020-square-metre heritage building traded 10 years ago for $3.8 million.
Based on the annual rental of $290,000, the two-level former William Anglis stables building sold on a yield of about 5.4% through CVA Property Consultants.
Its been reported redevelopment of airspace above the Chinatown premises could be a possible consideration although the restraurant has a long lease.
Longrain has operated from the building since 2005.
With leasing options, Longrain could remain until 2035.
The Little Bourke Street, Melbourne building that accommodates Longrain Restaurant has been listed with $4.75 million expectations.
There's a 1022-square-metre building on the 511 square metre holding. It has face red brick with a gabled roof, terminated by an elegant parapet.
The 1900 building was once the Angliss & Co stables for the butcher William Angliss.
William Angliss opened his first butcher shop in North Carlton in 1886, before moving to larger premises in Bourke Street in 1892.
Angliss went on to establish a vast empire of pastoral stations and was a dominant force in the local meat and frozen meat export trade, which was centered on his Imperial Freezing Works at Footscray, opened in 1905.
The Bourke Street premises, which operated as a butchers shop, remained the headquarters for Angliss throughout his career.
Heritage Victoria notes in order to provide accommodation for horses and vehicles used in the delivery of meat to city customers, in 1900 Angliss built the substantial two-storied brick stables in Little Bourke Street, close to the rear of his Bourke Street premises.
"Carts and wagons were parked on the ground floor and horses ascended to the first floor via a ramp.
"The first floor had accommodation for about 45 horses. It was claimed afternoon sightseers gathered daily to watch the horses as they were unharnessed and safely mounted up the incline."
Longrain founding chef Martin Boetz is leaving the Sydney and Melbourne restaurants at the end of June to work his farm on the Hawkesbury River, and his Cooks' Co-op produce business and set up a cooking school for professionals. The 10-hectare Sackville property cost $780,000 in 2011.
