Highett
515 HIGHETT ROAD, HIGHETT.
POINT OF INTEREST
POINT OF VIEW
PROPERTY & TENANT DETAILS
PROPERTY PARTICULARS
LOCATION
SUBURB PROFILE
SALES PROCESS
APPENDICES
Point of View
SOME PROPERTIES JUST HUM WITH POTENTIAL, BUT THIS ONE ALSO GRILLS, PLATES AND POURS (BACK INTO YOUR POCKET). REFURBISHED IN THE MILLIONS AND POSITIONED TO PERFORM ON AUTOPILOT, THIS HIGHETT RESTAURANT IS THE KIND OF ASSET THAT GETS LOCALS LINING UP — AND INVESTORS LEANING IN.
• Leased to Levendithes Pty Ltd trading as ‘The Hellenic House Project’.
• $129,792 per annum plus outgoings + GST with 4% annual increases.
• 10 Year lease term that commenced in 2023 with options to 2043.
• 6-month bank guarantee in place.
• 240 sqm* total building area.
• 246 sqm* total land area.
• Generous 6.7 metre* street frontage.
• Commercial 1 zoning.
• Recently underwent $1.5 million refurbishment.
• Secure, north-facing courtyard and balcony with rear lane access.
• Prime location and visibility in the heart of Highett’s high street.
• 100 m* to Highett Railway Station.
• 250 m* to the Nepean Highway.
by A l O yA l
SO l I d
A nd A THAT punc H e S TS w EIGHT.
Point of Inte
TI m c O on E y
0468 860 737
TIM.COONEY@CVA.MELBOURNE
After five years spent working in commercial real estate in London, Tim is home in 2021. Melbourne-born and bred with more than 5 years of experience locally, there aren’t many who are better suited to this business. Diligent. Proactive. An honest communicator. Tim knows it’s in the face-to-face where deals are won and lost for all parties. Because of this, he takes great care in building rapport and learning the long-term strategy of his clients to enable the best advice not just short-term, but for life.
J o H n n O c K le S
0404 530 393
JOHN.NOCKLES@CVA.MELBOURNE
With over 15 years of experience in Melbourne’s commercial real estate market, John has witnessed and embraced the city’s evolving property landscape. Known for bringing a lateral mindset to a traditionally linear industry, he approaches each opportunity by focusing not just on what has been done but on what’s possible. This forward-thinking perspective aligns with Melbourne’s unique commercial character, where innovation and creativity extend well beyond St Kilda Road.
ian A n G el I c O
0418 336 088
IAN.ANGELICO@CVA.MELBOURNE
In more than 35 years, Ian has witnessed the successful signing of more than two thousand commercial real estate transactions – which is more of a legacy, than a track record. And it’s one that has been achieved by adopting a methodical approach amongst a myriad of changing variables. It’s one that has been sharpened through his holistic exposure to commercial projects across all points of Melbourne. By focusing on maximising each property’s profitability, Ian ensures that at the end of the day, it’s maximising value that determines his success.
Property & Tenant
Prestige, profile, and a popular tenant in place — drizzled in premium olive oil. Home to Highett’s beloved Hellenic House Project, this duallevel freehold stands proudly in the heart of the loud retail village, just steps from the train station and shopping centre.
Following a stunning $1.5 million transformation by award-winning architect Billy Kavalaras, the property now boasts a cutting-edge fit-out with state-of-the-art finishes, a north-facing courtyard and balcony, and secure rear laneway access — all wrapped in a warm, highend aesthetic that speaks to hospitality’s upper echelon. This is all to say that the architecture, position, and context of the property also speak volumes to the future value-add potential here.
With a long term lease in place, fixed annual increases, and a tenant responsible for outgoings (excluding land tax), this is a truly handsfree investment in a tightly held location. The property benefits from significant levels of both vehicle and foot traffic thanks to its position here, billboarding its facade to a constant stream of both local and visiting baysiders.
THE HELLENIC HOUSE PROJECT
Offering a unique fusion of Greek tradition and Australian contemporary flair, the Hellenic House Project embodies the essence of Greek warmth and hospitality. Curated by renowned chef George Calombaris and his dedicated team, the project recreates the inviting atmosphere of a Mediterranean home kitchen with the fresh flavours of a European summer. Every aspect of the space reflects a commitment to authenticity and comfort, from its welcoming ambience to its thoughtfully crafted menu.
Upstairs, you’ll find The Good Room, an iteration of the Hellenic House Project led by George and his team to offer a contemporary Greek menu. It received one hat from The Age Good Food Guide in May 2023, bolstering its calibre amongst the strip’s local flair.
Tenant Details
TENANT: Levendithes Pty Ltd trading as ‘The Hellenic House Project’.
CURRENT RENTAL: $129,792 per annum plus outgoings + GST.
LEASE TERM: 10 + 5 + 5 years.
LEASE COMMENCEMENT: 1st March 2023.
BANK GUARENTEE: 6 months rental equivalent.
REVIEWS: Fixed 4% annual increases during term + market review at commencement of each further term.
OUTGOINGS: Tenant pays all standard outgoings.
fORecaSTED RenT TO leASE oPTIon (februaRy 2033)
YEAR ANNUAL RENTAL
2025 $129,792
2026 $134,984
2027 $140,383
2028 $145,998
2029 $151,838
2030 $157,912
2031 $164,228
2032 $170,797
2033 $177,629
LEASE INCOME
The 10 year lease agreement from March 2023 presents a strong cashflow to 2033 with two further terms of 5 years to 2043. Incorporating 4% increases compounding each year, the rent increases from $129,792 per annum in 2025 to $177,629 per annum in 2033, a whopping 36.8% increase from today’s rental position. Please refer to the graph and timeline below.
$50,000
Property Particulars
PRINCIPAL OUTGOINGS
ZONING
SITE AREA
FRONTAGE
TITLE PARTICULARS
PLANNING OVERLAYS
MUNICIPALITY
Council Rates: $4,048.92 (2025).
Land Tax: $6,000 (single holding).
Commercial 1 Zoning.
246 sqm*.
Generous 6.7 metre* to Highett Road.
Certificate of Title — Volume 08198 Vol 595 being Lot 1 on POS 023672.
Design and Development Overlay – Schedule 12.
City of Kingston.
Location
A ll SIG n S p O in T TO: HIGHETT ROAD
Highett Road is more than a local high street, it’s an attentionseeking precinct that’s beckoning Melburnians beyond the Bayside bubble. Flanked by boutique operators, buzzing cafés, and daily essentials, this is where the neighbourhood comes to life — and stays for dessert.
FOOT TRAFFIC WITH FLAVOUR.
Just steps from Highett Train Station and surrounded by the suburb’s best eateries and shopping points, this address has a front-row position to Melbourne’s fastest-evolving village-style precincts. You’ve probably heard of Hawker Bar, Typhoon, and Abbiocco, but you may not have heard of Railway Wine Bar, Vino e Vita, and Aila — showcasing the growing appetite of the bayside area.
BAYSIDE SOUL, CITY CONNECTIVITY.
Moments to Nepean Highway and Southland, Highett bridges locals to Cheltenham and Mentone amenities, whilst also expressing their journey to the CBD. Highett railway station, facilitating the Frankston line, is a short walk from your doorstep and will get you either north or south with ease, but so will the buses running along Highett Road.
ZONED FOR STABILITY.
In a suburb where quality retail and hospitality space is tightly held, this location’s built-in demand and easy access offer staying power. The likes of Woolworths, Officeworks, BWS, and Australia Post recognised the foot traffic here yonks ago, which is why they’ve held solid roots for years. This is why the asset is not only an investor’s dream, but a future developer’s Mecca — the sky is the limit to its future state.
ON COMMON GROUND.
Speaking of the remarkable future value-add potential, Highett Common sits just behind Woolworths and is selling and building 1, 2, and 3-bedroom luxury townhouses and apartments. Sustainably designed to become the first Net Zero Community in Victoria, the precinct and public space will offer a refined take on residential living with communal resort-style amenities, urban design, and strategically landscaped parklands.
Highett Common is a total 9.3 hectare residential masterplan development project. The site comprises a mix of residential, community facilities and public open space. 43% of the site will be dedicated for public green space, which comprises of a 3 hectare Conservation Reserve and a 1 hectare of Community Park.
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Suburb Profile
Once the sleepy sibling of its bayside neighbours, Highett has spent the last decade quietly swapping hardware stores for wine bars, turning its local strip into a buzzier, better-connected version of itself. The suburb is riding a wave of transformation, fuelled by strong residential growth, rising retail demand, and council-led infrastructure investment that’s bringing big energy to its villagestyle charm.
With a train station as a main feature of the strip and the Nepean Highway around the corner, Highett is one of the most accessible enclaves in Melbourne’s southeast. That connectivity, combined with a $1.4M median house price and tight residential yields, is creating a stable, high-spending catchment for local businesses.
The demographic is evolving, too. A growing mix of young professionals and established families are moving in, with a sprightly median age of 37 bringing in a demand for elevated retail, quality hospitality, and modern convenience. That reflects their income, too. A median weekly household income of $2,083 is above the Victorian average and means it is only growing with the population numbers.
The limited number of commercial stock here is tightly held, meaning standout tenancies (like this one) are rare and constantly in high demand. Recent sales, like the fully equipped retail space at 483485 Highett Road, highlight the area’s growing appeal to investors and entrepreneurs alike. With a strong sense of place, genuine local loyalty, and serious growth signals, Highett is no longer a suburb to watch — it’s one to move on.
Sales Process
privATE S ale clo S in G
TH ur SDAy 26TH Jun E AT 3 pm
At CVA, we provide prospective purchasers full transparency, fairness, and respect during the Private Sale process.
To make our point, we’ve defined and outlined the process below so you’re across it prior to submitting an offer.
SUBMITTING OFFERS:
Offers are due no later than the date and time advertised for the Private Sale campaign. They must be submitted through this form with every section completed, signed and emailed to the relevant contact persons by campaign closure. Any offers submitted after this time will be deemed as non-compliant.
Our point of view:
We recommend all interested parties submit their best offer, as the vendor reserves the right to accept an initial offer or to deal exclusively with certain offers in a second round. If you can do so, we strongly encourage submitting an offer signed on a Contract of Sale as this may influence the vendors feedback and/or decision.
REVIEW PROCESS:
All offers will be compiled and presented to the vendor for their consideration after the closing of the Private Sale campaign.
Upon feedback, we will contact all parties promptly to communicate the vendors instructions relating to their offer.
In the event of a second round, we will request all offers to be provided on a contract of sale with a deposit payable to the CVA Trust account, for the vendor’s consideration.
Appendices
GROUND FLOOR
FIRST FLOOR
KITCHEN PREP PREP AREA
PREMISES ADDRESS:
Claim thousands through property depreciation
As an owner of an investment property, claiming maximum depreciation deductions can make a big difference to your cash flow. BMT Tax Depreciation are pleased to inform you of the likely deductions you could be entitled to claim.
What is tax depreciation?
Depreciation is the wear and tear of a building and the plant and equipment items within it. The Australian Taxation Office allows property investors to claim this depreciation as a deduction in their annual tax return, meaning that they pay less tax. Research shows that approximately 80 per cent of property investors are not claiming the maximum depreciation they are entitled to, which can lead to thousands of dollars missed in tax deductions.
Depreciation facts:
Property depreciation schedules show deductions for the life of the property (forty years)
Deductions available on old or new properties BMT works with your Accountant
Adjust previous tax returns
Expected deductions:
100% tax deductible
By obtaining a BMT Tax Depreciation Schedule for your property located at 515 Highett Road, HIGHETT VIC 3190 your depreciation deductions for the first full year of ownership are outlined in the below table.
Note: Depreciation deductions obtained will depend on the purchase price and unit size.
If you are successful in purchasing this property, please contact BMT Tax Depreciation on 1300 728 726 or email info@bmtqs.com.au to arrange your depreciation schedule.
BMT guarantee if we can’t find double our fee in deductions in the first full financial year there will be no charge for our services.
Private Sale Form
Point of interest: 515 Highett Road, Highett
Complete this form and return it to our office via email or post by Thursday 26th June 3.00PM.
ADDRESS TO:
POST or HAND DELIVER E-MAIL
CVA Property Consultants
Attention: Ian Angelico, Tim Cooney, John Nockles
18-20 Russell Street, Melbourne VIC 3000
Please submit your offer to the agent you have been working with throughout the campaign.
ian.angelico@cva.melbourne
tim.cooney@cva.melbourne
john.nockles@cva.melbourne
Purchasing Entity Entity/Individual:
Address:
Attention: ABN: Telephone: Email:
Proposed Purchase Terms
Purchase Price: Deposit (%): Settlement Period: Conditions:
Solicitor Company: Attention:
Address:
Telephone: Email:
Additional information or special conditions, which supports or clarifies a Registrant’s submission, may be annexed to this ‘Private Sale Form’. The Contract of Sale & Vendor’s Statement has been available during the marketing campaign and parties acknowledge that they have received a copy.
Signed for and on behalf of the Purchasing Entity Date
NOTE: The Vendor has the right, at its sole discretion, to vary the sales process, to postpone or cancel the sale of the property and to modify or add any terms and conditions to any proposed contract of sale or Vendor’s Statement which may be made available to a potential purchaser.
Name of Signatory (PLEASE PRINT)
Private Sale Process:
At CVA, we provide prospective purchasers full transparency, fairness, and respect during the Private Sale process
To make our point, we’ve defined and outlined the process below so you’re across it prior to submitting an offer.
1. Submitting Offers:
Offers are due no later than the date and time advertised for the Private Sale campaign. They must be submitted through this form with every section completed, signed and emailed to the relevant contact persons by campaign closure. Any offers submitted after this time will be deemed as non-compliant and rejected.
Our point of view: we strongly encourage all interested parties to submit their best offer, as the vendor reserves the right to accept an initial offer or to deal exclusively with certain offers in a second round.
Our point of view: we recommend all interested parties submit their best offer, as the vendor reserves the right to accept an initial offer or to deal exclusively with certain offers in a second round. If you are in a position to do so, we strongly encourage submitting an offer signed on a Contract of Sale as this may influence the vendors feedback and/or decision.
2.
Review Process:
All offers will be compiled and presented to the vendor for their consideration after the closing of the Private Sale campaign.
Upon feedback, we will contact all parties promptly to communicate the vendors instructions relating to their offer.
In the event of a second round, we will request all offers to be provided on a contract of sale with a deposit payable to the CVA Trust account, for the vendor’s consideration.
NOTE: The Vendor has the right, at its sole discretion, to vary the sales process, to postpone or cancel the sale of the property and to modify or add any terms and conditions to any proposed contract of sale or Vendor’s Statement which may be made available to a potential purchaser.
Disclaimer: This report has been compiled on the basis of information available. Though efforts have been made to verify or establish the accuracy of all material, it is not possible to warrant that it is accurate. Some predictions are estimates only and necessarily based on assumptions which may not occur. All parties should make their own independent enquires with regard to all the information contained in this report. The report is intended to be general information only and will not form part of any contract nor is it to be taken as any form of any representation, warranty or inducement. The agents and representatives do not accept any responsibility for and will not be liable in respect of any of the contents of this report.