Teahouse sold for $3 million

By Lina Le

Teahouse – a popular Chinese restaurant in Chinatown was recently acquired by a Chinese investor for $3.106 million.

The restaurant, located at 11-17 Cohen Place, on the ground level of the Punt Hill Apartment Hotel was sold for $11,500 per square metre. Its strategic location is a critical factor for the sale, according to Lewis Tong from CBRE.

Mr Tong recognised the trend in the Melbourne property market, with many investments coming from Asia: “Since our Chinatown showroom has opened, we have been able to identify the strength in demand from Asian investors looking to purchase commercial property in Australia, with many of our enquiries to date coming from new entrants looking to enter the market.”