Lune Croissanterie: cult-status bakery gets new landlord after flagship Fitzroy warehouse sells
Lune Croissanterie’s Fitzroy warehouse has sold for $3.8m.
Cult-status bakery Lune has a new landlord after its flagship Fitzroy warehouse sold for $3.8m — enough to buy 575,757 of the shop’s standard $6.60 pastry.
The world-famous Melbourne croissanterie was on the market for more than eight weeks with a $3.6m asking price and was attracting interest from both property investors and developers alike.
Stretching across 403sq m in a converted warehouse just off Brunswick St in Fitzroy, the 119 Rose St site is known for lengthy queues of customers lining the streets each morning for Lune’s famous croissants.
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The iconic warehouse cafe and world-famous croissant store has a new landlord.
Lune brings in a rental income of $107,000 per annum.
It’s popular for its croissants that were touted by the New York Times as some of the best in the world.
The iconic bakery has occupied the Rose St warehouse for nearly 10 years and has less than five years remaining on its current lease, with the option to extend for a further seven years thereafter.
Although sweet-toothed patrons feared Lune would cease to exist by 2034 as developers were eyeing it off as a future apartment development, a local investor saved its fate when purchasing the prized allotment last week.
Nelson Alexander Commercial Fitzroy partner Kristian Lunardi handled the sale and said the buyer was happy to hold the property as a long-term investment.
“He was attracted to the building but also the tenant; the tenant was the most attractive component,” Mr Lunardi said.
He added that the purchaser owned numerous properties in the Fitzroy area.
Lune currently brings in a rental income of $107,000 per annum, with 4 per cent annual increases also in place.
Where the magic happens.
The edgy interior embraces Fitzroy’s much-loved warehouse culture.
Pastry chef and Lune founder Kate Reid. Picture: Sarah Matray.
The bakery was founded in 2012 by ex-Formula 1 aerodynamicist Kate Reid and was originally based at a tiny, hole-in-the-wall shop in Elwood.
Later, she joined forces with her brother Cameron and prolific Melbourne restaurateur Nathan Toleman to open the Fitzroy store and cafe.
The flaky, buttery baked goods have since gained a cult-like following across the nation, with stores also found in Armadale and the CBD, in addition to two in Brisbane and a Sydney outpost slated to open later this year.
Lune was even praised by the New York Times for having some of the best croissants in the world.
The sale comes after the commercial landholding passed in at its initial auction on May 18.
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