New Lease on Life for Melbourne’s Oldest Pizza Store Site
Media Release | 2min read
by JONES REAL ESTATE on September 01, 2022
Jones Real Estate has today announced that the site of Melbourne’s oldest pizzeria, Toto’s Pizza House in Carlton, has been leased by Portuguese-inspired food franchise, Oporto.
The prime positioned 250 square metre double-fronted restaurant site at 99 -101 Lygon Street, Carlton, was secured up by Oporto in a hotly contested campaign, with X parties expressing interest while the listing was on the market.
The X-year tenancy deal signals growing confidence in the hospitality market in inner-metropolitan areas, says Jones Real Estate, spurred by surging residential footfall and students returning to nearby education institutions including Melbourne University, RMIT and Australian Catholic University.
Talking to the new multi-year agreement and resurgence of the Lygon Street precinct, Managing Director of Jones Real Estate, Paul Jones, said: “Managing such a historic and rare listing has been a wonderful experience for our agency and we are thrilled with the outcome we have been able to achieve during this campaign,”
“The closure of Toto’s is a bitter sweet moment, however it represents a new chapter for the ever-evolving area that will breathe new life into the site which has been closed for two years, while also widening the multicultural food offering people can enjoy down the beloved Lygon Street strip.
“It has been fantastic to see the precinct continue to return to its former glory since the pandemic. The cross-section of hospitality and retail businesses that occupy the bustling Carlton arterial have brought people back in droves, re-establishing it as a tantalising investment prospect for both occupiers and investors.”
Closed since 2020 as a result of lockdowns, Toto’s transition from pizzeria to Portuguese eatery will commence in the coming weeks, with the new restaurant set to open its doors again in [month]. Details regarding the floorplan of the new Oporto space have not yet been announced.
During its glory years, Toto’s Pizza House was a hot spot for celebrity sightings, with ex-Prime Minister Bob Hawke, Hollywood A-lister Nicholas Cage and AFL royalty Warwick Capper some of the biggest names to dine at the restaurant over its 49-years of operation.
Toto’s reputation reached an all-time high in 2007, being inducted as the second member of the World Pizza Hall of Fame after Lombardi’s Pizza in New York City.
The ever-evolving Lygon Street precinct continues to rebound strongly since Melbourne’s lockdowns, thanks to its mix of retail and hospitality offerings including D.O.C, Carlton Wine Room, Donnini’s, Criniti’s, Brunetti, San Churro, Grill’d, Woolworths, Mecca, Country Road, Seed Heritage, Peter Alexander, CBA and NAB.