An interstate investor has become the new owner of a commercial property in Woden, paying $8.3 million for the venue occupied by The Alby. The Alby opened in November on the ground floor of the newly revamped Alexander and Albemarle precinct on Furzer Street in Phillip.

The hotel and dining establishment piqued the interest of an interstate bidder when the venue went to auction with Burgess Rawson on February 22. Title documents reveal the property is now owned by Chami & Co Pty Ltd, a NSW company that lists Vitex Pharmaceuticals chairman Elie Chami and wife Robine El Chami as its directors.

The pair have a large portfolio of properties across NSW, including a seven-bedroom home in Sydney’s Dural. Operated by Doma Group, The Alby features a fit-out worth around $4 million and is complete with its own bowling alley and mini arcade. The venue spans 1100 square metres of indoor and outdoor space and comprises bars, private dining areas and a beer garden.

The new owners take on the commercial asset with a 10-year lease in place, which expires in 2031. Doma Group then have two, five-year options to extend. It was sold as a triple-net investment, a highly sought-after type of lease which sees the tenant pay for all repairs and maintenance of the venue. The investment includes annual rent increases of 3 per cent, another attractive feature for investors.

The sale preceded a raft of restaurant sales that took place in March, including two in the Alexander and Albemarle precinct. The sites tenanted by 86 South restaurant and Bloom Coffee in Phillip sold last month for $2.75 million and $1.22 million respectively.

Brittney Levinson, The Canberra Times