Criniti family to sell Parramatta site at auction but restaurant will stay open
Two adjoining properties along Parramatta’s bustling Eat Street — including the site which houses Australia’s first Criniti’s restaurant — have hit the market.
While the Criniti family is selling the bricks and mortar, they have confirmed the doors of their Italian eatery will stay open.
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The building next door is currently home to a treat for dessert lovers — San Churro Chocolateria.
The rare Church St sale is generating a lot of buzz, with the side-by-side buildings, which are being sold separately, expected to serve up a tasty profit later this month.
According to the listing agent, each site is set to sell for a figure in the high $2 million to $3 million range.
“Church St is very tightly held and the area’s commercial market is performing well,” Anthony Khoury, of Khoury and Partners, said.
“There is a lot of development going up around Parramatta and this is a great opportunity — especially with the new (Bankwest) Stadium and the number of people it will bring to the area, not just for NRL games but also for soccer games and concerts,” he said.
While the NSW Government’s planned construction of the Parramatta Light Rail may cause disruptions along the main drag ahead of its expected 2023 completion, the increased foot traffic will be beneficial long-term, according to the agent.
Proving the suburb’s Eat Street choices are thriving, No. 287 and 289 Church St bring in about $107,000 in rent each year.
Near the junction of Phillip and Church streets, one site has about 165 sqm of floor space while the other provides about 172 sqm. Both buildings have a 6m wide frontage.
The double-storey sites come with outdoor dining areas plus rear laneway access.
CoreLogic records show the family bought both properties in 2009, six years after starting the hugely successful Criniti’s chain by opening the first restaurant.
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Mr Khoury said both eateries had just signed new three-year leases with the option to extend.
“These are two solid, long-term tenants,” he said, adding their experience was piquing the interest of many buyers, including “mum and dad investors”.
The sites are scheduled to go to auction in Sydney on July 25.