Summary
Located on a main road in Melbourne's CBD, this fully renovated property is fully equipped with Chinese, Western, and buffet dining options. Lease term: 5 years + 5 years, monthly rent: AUD$7,500.
Revenue
$60,000 pm
Rent
$7,500 pm
Expenses
$2,000 pm
Net Profit
$50,500 pm
Location Details
296-298 Russell St
Located on the east side of QV Shopping Centre in Melbourne CBD. High foot traffic and a well-established business.
Potential
Strong potential for growth due to prime CBD location and consistent foot traffic. The premises have been fully renovated with all major systems upgraded, requiring no significant maintenance in the coming years. Includes 4 upstairs bedrooms that can generate additional rental income.
Skills
Suitable for owner-operator, couples, small business setup, or brand expansion.
Hours
Fully flexible hours. Can operate 24/7, 365 days a year. Owner has full control over trading schedule.
Lease
Lease: 5+5 years.
First term: Apr 2024 – Apr 2029, AUD 7,500/month.
Second term: option to renew, rent negotiable.
Employees
No staff liabilities. New owner can build or restructure the team as needed.
Reason for Sale
Ukrainian chef returned overseas;the business direction has changed. The owner has decided to sell.
About the Business
This is an excellent opportunity for entrepreneurs or couples looking to start a business, as well as for owners planning to expand a restaurant chain.
Prime location – Main street on the east side of QV Shopping Centre, high foot traffic and residential density
Total area: 320 sqm (3 levels + newly added dough and food preparation room)
Includes 4 rental rooms on upper level (additional income potential)
Seating capacity: 86
Maximum capacity: 130
Lease: 5 + 5 years
* Current term: 1 April 2024 – 1 April 2029
* Rent+GST: $7,500/month
* Renewal term: rent to be negotiated with landlord
Fully renovated in November 2024 and put into operation
All new: electrical system, flooring, switches, doors/windows, plumbing, and full kitchen equipment
Suitable for Chinese and Western cuisine, buffets, or other catering formats.
Business is currently operating – ready to take over immediately, no additional investment required
Company transfer available free of charge (no debts, no disputes)
Optional: 2013 Mitsubishi Delica D5 (70,000 km) – $35,000
Reason for sale: Ukrainian chef returned overseas; business adjusted to Chinese cuisine & buffet
Price: From AUD 90,000 and above (offers below this will not be considered)
Contact via WhatsApp: +61 451 168 907
History
From April 3rd to October 2024, the restaurant underwent a complete renovation. This was a massive undertaking, not just simple repairs. From October 2024 to January 2025, we operated under the name of an Eastern European restaurant. However, due to the expiration of visas for two Ukrainian chefs, we switched to operating a Chinese restaurant and buffet, but this proved to be too complex for us to manage. Currently, to maintain the four rental units in brand new condition, they are temporarily vacant, awaiting a new owner.
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