Building housing George Calombaris' Gazi and Press Club restaurants sold

A building that houses MasterChef star George Calombaris' Gazi and The Press Club restaurants has been sold to a Singaporean investor.

Property developer and investor Keppel REIT paid $8.2 million to beat off competitors to purchase three titles on the corner of Exhibition and Flinders streets which house one of Melbourne's culinary high-flyers.

The commanding corner property at the base of the former Herald and Weekly Times has a long-term lease to Calombaris' business, Made Establishment, which also operates the Hellenic Republic restaurants in Lygon Street, Brunswick East, and Cotham Road, Kew.

Fitzroys agents Chris Kombi and Paul Burns, who handled the deal in conjunction with CBRE's Josh Rutman, Mark Wizel and Paul Tzamalis​, said the three retail units transacted on a tight 4.8 per cent yield on passing net rental.

The purchase expands Keppel's Melbourne footprint. It also has a 50 per cent stake in 8 Exhibition Street, the 40-storey office tower built above the former Herald building which is primarily occupied by EY.

Calombaris' restaurants sit at the base of the complex.

The $8.2 billion REIT has a strong presence in Australia, owning a half share in 8 Chifley Square and an office tower at 77 King Street in Sydney; a 50 per cent stake in 275 George Street in Brisbane; and a 50 per cent interest in the office tower and annexe being built on the Old Treasury Building site in Perth.

Overall, it has nine premium office assets with 12 office towers strategically located in Singapore's CBD, as well as the key financial precincts of Sydney, Melbourne, Brisbane and Perth in Australia.