Dustin Martin and Ralph Carr Reoffer Melbourne Investment

Dustin Martin and Ralph Carr Reoffer Melbourne Investment

Dustin Martin, the three-time Richmond premiership player, and his manager Ralph Carr are retesting the market with a Melbourne commercial property investment. The historic two-level restaurant, 297 Victoria Street, Abbotsford, has been held for seven years and is now being marketed for sale.

What happened?

The property, which was previously leased to Vietnamese eatery TungThit, is being reoffered for sale after being held for seven years. Dustin Martin and Ralph Carr, who have assembled a sizeable portfolio of refurbished inner east Melbourne warehouses and mixed-use buildings, are now looking to return some assets to the market.

Why it matters for Dustin Martin

The reoffer of the property is significant for Dustin Martin, who has been involved in the Melbourne commercial property market for several years. As a successful Australian rules footballer, Martin has been able to leverage his wealth and influence to invest in a range of properties, including this historic two-level restaurant.

What comes next?

The property, which is zoned Commercial 1 and has four car parks, is being marketed for sale by Teska Carson's Rory Teska, Larry Takis, and Brendan Fu. The asking price is expected to be around $2.2-$2.5 million, based on the net passing income and a yield between six and seven per cent.

The property has a long history, dating back to its time as a ground floor shop and upstairs office. It was refurbished and repositioned in 2019, and has since been leased to a range of tenants, including La Fantasie and TungThit. The property's location, in the heart of an established restaurant precinct, makes it an attractive investment opportunity for those looking to capitalize on the growing demand for commercial property in Melbourne.

Dustin Martin and Ralph Carr have a proven track record of adding value to their properties through refurbishment and new leasing. Their portfolio of refurbished inner east Melbourne warehouses and mixed-use buildings is a testament to their ability to identify and capitalize on investment opportunities in the Melbourne commercial property market.

The reoffer of 297 Victoria Street is a significant development in the Melbourne commercial property market, and is likely to be of interest to investors and property developers looking to capitalize on the growing demand for commercial property in the city.