Singapore swoops on Masterchef star’s restaurants

A Singaporean investor has swooped on three properties that house restaurants leased to reality TV chef George Calombaris.

Keppel REIT Management Limited paid $8.61 million for the properties at 2 Exhibition St and 52 and 72 Flinders St, which are home to the renowned Gazi and The Press Club eateries run by Masterchef star Calombaris.

CBRE agents Josh Rutman, Mark Wizel and Paul Tzamalis and Fitzroys’ Chris Kombi and Paul Burns negotiated the sale, which came with a long-term lease.

Calombaris’ restaurants lie at the foot of the Herald and Weekly Times building

Rutman says the properties, which are situated at the bottom of the historic former Herald and Weekly Times building, attracted strong local and offshore interest.

“This prime offering attracted vast interest, with several parties narrowly missing out on the opportunity behind Keppel, who was given first right to purchase due to its existing 50% stake in 8 Exhibition Street,” he says.

“This deal is further evidence of the strong competition currently being seen for well-located and leased ground floor retail opportunities in the CBD. Furthermore, this sale marks the largest strata retail transaction for 2015 in the CBD.”

It is understood Calombaris’ company, Made Establishment, has another 10 years to run on its lease with options to extend for a further 30 years.