Glen Waverley burger joint a saucy record-breaker
The sale of a burger joint on Glen Waverley’s popular Kingsway has set a saucy new record for the popular shopping strip.
The store that houses Meat in the Middle at 86 Kingsway, sold at a sizzling in-house auction for $4.615 million last week- more than $1 million above the road’s previous single-level shop record.
The tightly-held strip had not seen a retail sale for nearly three years, making the 182sqm building a catch for hungry investors. It is also understood Kingsway has not had a formal vacancy in three years.
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Five bidders vied for the property across more than 50 bids in a crowd of about 250 people, says Ray White Commercial Glen Waverley managing director Ryan Trickey.
The restaurant is set in the middle of the bustling food and shopping strip.
“The investor was so keen to secure this particular site that he was making phone bids while on holiday more than nine hours away,” he says.
The buyer is known to have invested in similar properties before.
Vendors chose not to set a price guide for the property because they had few sales to compare to. Trickey says the result was about what they had set as a reserve price.
The restaurant sold for $4.615 million at an in-house auction.
The Kingsway shopping strip has flourished in Melbourne’s outer east and is becoming as popular as Chadstone and Knox for its entertainment value, Trickey says.
“Meat in the Middle is in the centre of a bustling retail precinct that trades differently to many others with morning, lunch, evening and dinner rushes,” he says.
“I believe we’ll see the area link with the Glen Shopping Centre in the years to come.”
Five bidders pushed up the price of the restaurant in a crowd of about 250 people.
The burger restaurant had an ongoing lease until 2020.
The previous single-level commercial record was held by the cafe next door at 88 Kingsway, which sold for $3.61 million in 2014.
The restaurant is set in the middle of the shopping strip in one of its most bustling pockets.
This article from Leader Newspapers originally appeared as “Burger restaurant sets a saucy new record on Glen Waverley’s Kingsway”.
