La Porchetta fetches $7.45m

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A prominent corner site occupied as a La Porchetta restaurant has sold for $7.45 million to a local investor.

It is the first time the property at 302-308 Victoria Street, North Melbourne, has been publicly offered for sale, said selling agents, ICR Property Group’s Raff De Luise, Julian Materia and Anthony Ferraro.

Covering 462 square metres, it is understood the site is earmarked to make way for an apartment complex in the long term. The sale price values the land at $16,125 per square metre.

Earlier this week, a $250 million renewal project of the Queen Victoria Market, across the road, was approved.

THE AGE – 19th May 2018 – Business Section – Marc Pallisco