Brunswick East: Hospitality and live music biz The Beast sells in less than a month
Tea brand T2’s first store in Fitzroy was established by the co-founders Jan O’Connor and Maryanne Shearer (left), while Brunswick East’s The Beast is home to the Melbourne Chilli Eating Championship which Greg Barlow competed in 2023 (right).
A Brunswick East building leased by well-known live music venue The Beast has sold for $3.75m, less than a month after hitting the market.
Established more than a decade ago by Melbourne hospitality entrepreneur Maz Salt, the burgers, bar and bands site at 78-80 Lygon St is also known for hosting Australia’s largest annual chilli eating championship.
A Melbourne-based investor snapped up The Beast in just 21 days, far ahead of its scheduled December 5 auction.
RELATED: Salta offloads Burnley site for $20.5m amid $330m+ Melbourne divestment spree
Steeped in history: Landmark circa-1863 Preston church set to sell
Portelli Block dilemma: Take the homes or the cash?
Commercial real estate agent Fitzroys’ Chris Kombi, Ervin Niyaz and Ben Liu had the listing.
Mr Niyaz said the new owner viewed the address, which had been expected to fetch $3.4m-plus, as both an ideal passive investment and a landbanking opportunity.
“I think the position, sitting in Brunswick’s retail village – that little area is humming in the evenings – and the tenant were the main attractions,” Mr Niyaz said.
The Beast has a 10-year lease with options on the double-storey building, where it has already been based for 12 years.
78-80 Lygon St, Brunswick East, home of music venue and eatery The Beast.
The Beast features multiple seating zones, a bar and commercial kitchen, dance floor, stage and rear laneway access.
Mr Kombi said ongoing residential growth in Brunswick East has boosted trade and led to minimal commercial vacancies in the area, and also served to create competition in the auction campaign.
“The surging location has in recent years seen a number of residential towers completed in
the proximity, and the precinct is set to benefit from yet further planned high-density
residential development in the area,” Mr Kombi said.
Iron Gut Oceana Champion Greg Barlow at the Melbourne Chilli Eating Championship 2023, which was held at The Beast in Brunswick East. Picture: Jake Nowakowski.
The shopfronts at 340 and 342 Brunswick St, Fitzroy, home to Blackout Lounge and a T2 store, also sold recently.
In nearby Fitzroy, popular tea brand T2’s first-ever retail outlet has also sold.
In 1996, the iconic brand’s co-founders Jan O’Connor and Maryanne Shearer established their first store at 340 Brunswick St.
The property is still leased to T2, which is now owned by private equity firm CVC Capital Partners and has expanded to more than 70 stores worldwide.
The two-storey site fetched $1.72m after selling to an investor.
And another separate investor purchased the shopfront next door at 342 Brunswick St, home to bar and restaurant next door Blackout Lounge, for $1.85m.
T2 occupies a 156 sq m shopfront.
Fitzroys’ Chris Kombi, Ervin Niyaz, Ben Liu and Shane Mills had the listing for the two addresses, which had been owned by four families since 1976.
Mr Niyaz said both buyers “were attracted to the strong cashflow from quality tenants, with
great rental uplift and value-add prospects in the coming years”.
“There’s consistently strong competition between tenants for space along the prime trading section Brunswick St,” he said.
“We saw a number of investors in these campaigns looking to get a foothold in the high-
performing strip.”
Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.
MORE: Victorian government set to put Mt Baw Baw, Lake Mountain up for grabs
Justin Leppitsch: Former AFL premiership star reveals big job to restore Port Welshpool pub
