"Boasting a 1am liquor license and space for up to 240 patrons in the restaurant section of the building, Witches in Britches is a well-diversified entertainment repository."
The home to the iconic Melbourne fringe attraction, Witches in Britches, is being taken to market by CVA Property Consultants’ Ian Angelico and Jarrod Moran, in a conjunctional campaign conducted alongside JLL’s Josh Rutman, Nick Peden, Tim Carr, and MingXuan Li.
The property is easily identified thanks to its distinctive castle-like spires, which serve as part of the occupier’s aesthetic; Witches in Britches serves as a musical-theatre restaurant with a “kitsch Halloween atmosphere”. Boasting a 1am liquor license and space for up to 240 patrons in the restaurant section of the building, Witches in Britches is a well-diversified entertainment repository.
Witches in Britches - 78-86 Dudley Street, West Melbourne, VIC, 3003
Positioned on a high-profile corner landholding of 742 sqm, the freehold itself contains a total of 1,007 sqm of space and possesses Mixed Use Zoning that gives buyers who may be considering the development potential of the property confidence in the site’s adaptability.
The current lease to Witches in Britches stands to conclude at the beginning of 2024, with an additional five-year term included as an option. As such, 78-86 Dudley Street serves as a truly versatile asset; the property has redevelopment prospects, but for investors more interested in holding income, the tenant returns $245,203 per annum, with annual 4% increases expected for the rest of the tenancy term.
Witches in Britches - 78-86 Dudley Street, West Melbourne, VIC, 3003
Whilst Melbourne’s fringe has proven popular for office and retail property transactions throughout 2022, hotel and venue activity has been less constant, meaning interest in the property will likely prove concentrated.
With fewer opportunities than alternative asset classes, investors will be keen to close in on a unique, city-adjacent hospitality offering with an established, successful tenant.
78-86 Dudley Street, West Melbourne is available for sale via an Expressions of Interest campaign that concludes on the 26th of October. Contact the sales agents for further information or to arrange an inspection.
View the property on CommercialReady here, and DevelopmentReady here.
