Moonhouse: 282-284 Carlisle St Balaclava to go under the hammer

A heritage-listed property at a “coveted” corner spot and home to an award-winning restaurant that has featured in Herald Sun best of lists is up for grabs.

The home of popular restaurant Moonhouse has been listed for sale by auction. Picture: supplied.

A heritage-listed building and home to a popular restaurant that has featured in Herald Sun best of lists has been tipped to sell for more than $3.7m.

The building – housing the Commune Group’s Moonhouse – at 282–284 Carlisle St in Balaclava will go under the hammer on September 18.

The “powerhouse” investment is expected to bring in a million dollar price tag, according to Fitzroy’s lead agent Chris Kombi.

“We are expecting it to go for more than $3.7m,” he said.

“It’s a powerhouse trophy in a tightly held area, it’s quite a rare opportunity.”

The corner spot, heralded as one of Carlisle St’s “most coveted” properties, was a great “set and forget” investment, Mr Kombi said.

Rented by hospitality heavy weights the Commune Group, the building is expected to sell for $3.7m. Picture: supplied.

“It’s really ideal for investors and land bankers,” he said.

“It’s a high profile corner, it’s been fully renovated and it has a strong tenant.”

The 325sq m double-storey building has had a colourful history, starting off as home to a branch of the Commonwealth Bank in the 1900s and later, a Red Rooster.

The minds behind Moonhouse — named as one of the Herald Sun’s ‘best restaurants’ in 2023 — and other Melbourne hospitality institutions including Fire Bird and Tokyo Tina, have been tenants at the Carlisle Rd property since 2021 and hold a decade-long lease, returning any potential owner a $180,300 per year.

In prime position – just a two minute walk from Balaclava railway station| – the property has a Commercial 1 zoning.

Mr Kombi said the building at the “heart of Carlisle St”, offered a bright future.

“It’s an excellent investment option at a time when the residential market is facing a lot of volatility,” Mr Kombi said.

Carlisle St is one of the “number of Melbourne shopping strips experiencing a period of renewal”. Picture: supplied.

“It’s also supported by the excellent existing mix of demographics, with white collar professionals, students and families all living in the area, driving activity and spending.”

Fitzroy’s agent Tom Fisher said Carlisle St was one of the “number of Melbourne shopping strips experiencing a period of renewal”.

“Developers on and around the strips are underpinning future trade and rental prospects,” he said.

The auction will be held at 1pm on September 18.

You can find more information about the property here.