23-29 Bourke Street, MELBOURNE
The former home of Society restaurant, in its heyday one of Melbourne’s best eateries and for decades serving many Melbournians, tourists, theatre and movie goers that flock to the east end of Melbourne’s CBD, has sold at auction.
A strong result and a good indicator of the strength of the 2017 commercial property market.
After attracting a large crowd of 150 people and a total of 50 bids, the property sold to a private family entrant into the Melbourne market. The property was marketed by Gross Waddell’s Raoul Salter, Andrew Waddell and Michael Gross in conjunction with Statewide Property Advocacy.
The property was sold with vacant possession for a price for $8,070,000. With a land area of 283 square metres this translates to a land rate of $28,516 per square metre.
‘The Italian Society’ was first opened by immigrant Guiseppe Codognotto in 1924 when southern European food was still a novelty in Melbourne. In 1932 it moved to 23-29 Bourke Street where it continued to trade for more than 80 years under various owners until late last year.
The three-level building, sits in a heritage overlay with a 15-metre height limit and backs onto the rear of the Hotel Windsor, itself due to undergo redevelopment..
“When Guiseppe Codognotto opened his first Italian Club in 1924, I’m sure he didn’t expect the site of his restaurant, opened in 1932 as the Italian Society, to have endured for 85 years.” stated Raoul Salter at auction.