The former home of Australia’s longest-running theatre restaurant - Dracula’s Cabaret Show & Dinner in Melbourne – has been listed for sale after almost three decades of ownership.
The two-storey building at 100 Victoria Street is located directly opposite the new ‘CBD North’ Underground Railway station, at the intersection of Cardigan and Victoria Streets, in the northern pocket of Melbourne’s city fringe.
CBRE’s Josh Rutman, Mark Wizel and Jin Jung Heng, conjunctionally with Chris Mulcahy of Mulcahy Butera, have been appointed to market the property on behalf of the Newman family – the first time the property has been offered for sale in 28 years.
The property was home to the renowned theatre restaurant, Dracula’s Cabaret Show & Dinner, for 37 years, before it shut its doors in December 2017. Earlier this year, the Newman family reopened its doors for a unique ‘garage sale’ that saw fans queue for the chance to secure a piece of the show’s history. Their flagship theatre Dracula’s on the Gold Coast will soon be upgraded and continues to break attendance records.
The property, which is being offered for sale vacant possession, features a fully serviced theatre, multiple access points, a full line commercial kitchen and an activated rooftop, in addition to an existing late night liquor license.
Mr Rutman said the existing improvements and blank canvas would be a key buyer draw card, providing ultimate flexibility to the end purchaser.
“Authorities have earmarked the precinct as part of the City North plan, which will see increased development and density over the coming years, making 100 Victoria Street ideally suited for use as a nightclub, multi-level restaurant or hospitality concept.”
CBRE’s Mark Wizel said the property’s development potential would also attract strong buyer interest.
“Given the significant appetite for prime Carlton landholdings and the building’s ideal corner position, we expect the sale campaign to generate significant interest from student accommodation and residential developers,” Mr Wizel said.
“The property would suit a variety of long term uses given the genuine potential for additional levels to be constructed upon the existing building or a complete redevelopment into a much larger building in the future, subject to relevant planning approvals.”
Major investments into the precinct have been made by some of Melbourne’s largest universities, such as the recently approved Carlton Connects joint venture between Melbourne University and Lendlease, and a range of student accommodation developments and award winning residential projects have followed suit.
Other major developments in the precinct include Scape Student Living’s student accommodation development at 393 Swanston Street and Hengyi’s 70-level tower at Swanston Central.
The 100 Victoria Street property is being offered for sale via a Public Expressions of Interest campaign closing May 17, 2018.
The two-storey building at 100 Victoria Street is located directly opposite the new ‘CBD North’ Underground Railway station, at the intersection of Cardigan and Victoria Streets, in the northern pocket of Melbourne’s city fringe.
CBRE’s Josh Rutman, Mark Wizel and Jin Jung Heng, conjunctionally with Chris Mulcahy of Mulcahy Butera, have been appointed to market the property on behalf of the Newman family – the first time the property has been offered for sale in 28 years.
The property was home to the renowned theatre restaurant, Dracula’s Cabaret Show & Dinner, for 37 years, before it shut its doors in December 2017. Earlier this year, the Newman family reopened its doors for a unique ‘garage sale’ that saw fans queue for the chance to secure a piece of the show’s history. Their flagship theatre Dracula’s on the Gold Coast will soon be upgraded and continues to break attendance records.
The property, which is being offered for sale vacant possession, features a fully serviced theatre, multiple access points, a full line commercial kitchen and an activated rooftop, in addition to an existing late night liquor license.
Mr Rutman said the existing improvements and blank canvas would be a key buyer draw card, providing ultimate flexibility to the end purchaser.
“Authorities have earmarked the precinct as part of the City North plan, which will see increased development and density over the coming years, making 100 Victoria Street ideally suited for use as a nightclub, multi-level restaurant or hospitality concept.”
CBRE’s Mark Wizel said the property’s development potential would also attract strong buyer interest.
“Given the significant appetite for prime Carlton landholdings and the building’s ideal corner position, we expect the sale campaign to generate significant interest from student accommodation and residential developers,” Mr Wizel said.
“The property would suit a variety of long term uses given the genuine potential for additional levels to be constructed upon the existing building or a complete redevelopment into a much larger building in the future, subject to relevant planning approvals.”
Major investments into the precinct have been made by some of Melbourne’s largest universities, such as the recently approved Carlton Connects joint venture between Melbourne University and Lendlease, and a range of student accommodation developments and award winning residential projects have followed suit.
Other major developments in the precinct include Scape Student Living’s student accommodation development at 393 Swanston Street and Hengyi’s 70-level tower at Swanston Central.
The 100 Victoria Street property is being offered for sale via a Public Expressions of Interest campaign closing May 17, 2018.
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
