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Money $5m to go: Elderly Italian couple cash out of restaurant after 35 years

20:06  13 june  2018
20:06  13 june  2018 Source:   theage.com.au

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An elderly Italian couple have cashed out of their King Street property, netting more than $ 5 million in capital growth over 35 years . The couple , in their 80s, purchased the property at 189 King Street in 1983 for 0,000 and ran an Italian restaurant on the premises for 27 years.

An elderly Italian couple have cashed out of their King Street property, netting more than $ 5 million in capital growth over 35 years . The couple , in their 80s, purchased the property at 189 King Street in 1983 for 0,000 and ran an Italian restaurant on the premises for 27 years.

An elderly Italian couple sold 189 King Street in Melbourne.© CBRE An elderly Italian couple sold 189 King Street in Melbourne. An elderly Italian couple have cashed out of their King Street, Melbourne property, netting more than $5 million in capital growth over 35 years.

The couple, in their 80s, purchased the property at 189 King Street in 1983 for $120,000 and ran an Italian restaurant on the premises for 27 years.

The two-level building attracted a hundred-strong crowd who watched the auction bidding open with a $4 million offer. Auctioneer Paul Tzamalis put the building on the market within minutes when the price hit $4.9 million.

Seven potential buyers lobbed 82 bids before the property finally sold for $5.318 million.

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CBRE’s Max Ruttner, who managed the sale with Alex Brierley, Josh Rutman and JJ Heng, said the purchaser was a local who intended to hang on to the property.

The spirited bidding mirrors another recent city auction in which a historic four-level art-deco building at 220 Bourke sold in April to rich-lister Spiros Alysandratos for $15.205 million on a sub-3 per cent yield after 661 bids.

Last month, food entrepreneur Guy Grossi sold the Bottega Restaurant building at 72-74 Bourke Street for an estimated $7.2 million on a yield below 3 per cent.

Mr Ruttner said the couple had attended two other CBD auctions and decided the time was right to sell rather than pass the building on to family members.

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