16/09/2011 - Wilston Institution Sold
A well known Wilston Village retail site that has housed Mr Wongs Restaurant for more than 21 years has been snapped up post auction.
Negotiated by Raine & Horne Commercial’s Trent Bruce and Elliott O’Shea, the property at 74 Kedron Brook Road, which has a warehouse at the rear, was sold for $1.25 million.
Mr Bruce said the new owner was in the homeware and renovation business and had long-range plans to convert the 230sqm warehouse into a showroom/shop.
He said that at the moment the 180sqm Chinese restaurant and takeaway would remain in business and was rented for $70,000 a year plus outgoings.
“The four Kong brothers bought the property 21 years ago sold the leasehold of the business 10 years ago,” Mr Bruce said. “They had the option of redeveloping the site or selling it and chose to sell it through an auction.
“There were five registered bidders and it was passed in at about $1.05million. “Straight after the auction there was renewed interest from one of the bidders and after long and involved negotiations we got to $1.25million.”
The property is of brick construction throughout except for one site of the warehouse which is metal clad. It sits on a 554sqm block of land which is zoned MP4.
Mr O’Shea said commercial properties for sale in the Wilston Village area always created interest. “There were a heap of inquiries with Wilston being a very tightly held area,” he said.
“All locals were very interested right from the very beginning. There is not much for sale or pops up for leasing and people are willing to pay a premium to be there.”
Mr O’Shea said he was unsure what the new owner’s plans long terms were for Mr Wongs. “He has interest in keeping on the front tenant for a little while and he’s going to occupy out the back,” he said.