Commercial Property: Arrivederci listed for sale

After 33 years, popular Italian restaurant Arrivederci is set to close its doors.

The property on Glebe Road, The Junction is being offered for sale at auction on December 16 by Ray White Commercial Newcastle.

Agent Lee Follington said the property had served as a Newcastle institution since 1984 by the Palozzi family.

“The building occupies pride of place in one of the city’s most sought-after and tightly held locations,” Mr Follington said.

“This landmark site is underpinned by a market sense of confidence, growth and stability in The Junction.

“Offering myriad adaptive potential [subject to statutory approvals] this property potentially represents a once-in-a-generation opportunity.”

The late Riccardo and Tulia Palozzi took over the restaurant in 1984, which had been opened and operated for the previous six years by another family member, Paul Panella.

His youngest son Angelo Palozzi now operates Arrivederci with his siblings — Mario, Mary and Lina. Their eldest brother Patrick passed away 10 years ago.

SELLING UP: Popular Italian restaurant on Glebe Road, Arrivederci, is set for auction after being run by the one family for over 30 years.

SELLING UP: Popular Italian restaurant on Glebe Road, Arrivederci, is set for auction after being run by the one family for over 30 years.

Most of Riccardo and Tulia’s 18 grandchildren have also worked at Arrivederci over the years. But Angelo said the family are ready for a change.

“We have a lot of regulars, some who’ve been coming here for more than 30 years and once or twice a week,” he said.

“It’s going to be hard to say goodbye to them. They’ll be wondering where they’re going to eat, that’s for sure.”

The property is zoned R3 Medium Density Residential and consists of a dining area, commercial kitchen, preparation space, office, storage area, amenities and rear on-site parking.

ALMA RD OFFERING

Six retail shops and a house on Alma Road, New Lambton have been listed for sale through Colliers International.

Peter Dodds is taking the site, from 21 to 39 Alma Road which includes Andy’s Take Away Food, to auction on December 14 and said it offered a range of opportunities for investors and developers.

The site is a triangular shaped allotment with approximately 67 metre frontage on the southern side to Alma Road.

The property has an approximate total site area of 1105 square metres and benefits from rear lane access off Lambton Lane.

Its flexible B2 local centre zoning allows for a range of uses, including medical, childcare and shop top housing and Mr Dodds expected interest for the site over $2 million.

It has a passing income of $71,748.18 per annum gross (plus GST).