JAZZ CLUB SELLS TO THE TUNE OF 10M
Posted on 22 August 2014
AN Asian development group has paid more $10 million for the iconic Bennetts Lane Jazz Club in the Melbourne CBD.
Vinci Carbone's director Frank Vinci sold the property on behalf of the vendor, Michael Tortoni.
Tortoni is the founder of the famous club, which has been dubbed "The world's best jazz club," by Lonely Planet.
Located at 25 Bennetts Lane, the site has an area of 430 sqm with frontages to both La Trobe St and Bennetts Lane. The property comprises three separate titles, which were amalgamated Tortoni over a 22-year period.
The sale price reflects a land rate of over $23,000 per sqm.
Frank Vinci said unlike other reported sales, this is a pure development site where the improvements add no value at all.
"The buyer has already carried out a number of successful developments throughout Melbourne and we understand that this will be their second development within the CBD".
"We believe that the buyer intends developing the site into a 30-level plus residential building with ground floor retail," he added.