388-394 Rathdowne St, Carlton, was the home to the original La Porchetta pizza shop for almost 40 years.
The birthplace of Melbourne’s La Porchetta pizzeria chain has been sold in a deal that has taken almost a year to lock in and left its owners with millions less than expected.
Founded in 1985 by Rocco “Rocky” Pantaleo and Felice Nania it became a Melbourne institution, and the starting point for the family’s pizza empire.
Today, there are still more than 30 stores serving, most in Victoria, though with a handful of stores still in operation in New Zealand.
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The original store at 388-394 Rathdowne St, Carlton, was shut in February, 2024, close to 40 years after it opened its doors — and nearing 14 years after the death of Mr Pantaleo.
The remaining family have indicated that it was time “to move on to new beginnings and pursue new ventures”.
Industry sources have indicated the property sold for $3.7m, though it was originally listed in May last year with $6m-$6.6m hopes.
The interior has been connected in several places to allow for an expansive dining floor.
The oven has served up countless pizzas over the decades.
The property, spanning four shopfronts in a row that were combined to accommodate the iconic pizza brand’s original venue over the years, was sold by family of its founders.
Nelson Alexander’s Damien Theisz handled the sale, which was originally listed with a $6m-$6.6m asking price in May last year and earmarked as a “piece of Melbourne’s history”.
He declined to comment on the sale price, but indicated the sale was expected to settle soon.
The listing’s long-haul sale had been expected to end in June last year, but an expressions of interest campaign wasn’t enough to lock in a buyer and it has lingered on well into 2026.
When offers finally started to come in there were five parties that made them, including the buyer who wanted the title fast — with settlement arranged in the span of 30 days.
While no offers were made, a handful of interstate groups did eye the site — with the agent noting they continued to see Melbourne as good value compared to other major capitals.
The modifications inside the venue are expected to take several months worth of building works to remedy.
With four stores combined at the property, it could host four new businesses in the coming months.
The property was one of the largest in the popular Rathdowne St strip, and Mr Theisz said the sale to an investor was a positive for the area as it would lead to new businesses opening where the four stores had stood empty for years now.
“It’s good news for the village, as it would be good to see a new lease of life there,” he said.
“It will be good to see these four shops come back to life.”
He’s banking on a mix of retail and hospitality taking up residence in the former pizzeria’s old space.
However, it won’t be back up and running immediately, with expectations the investor buyer will look to separate out the four stores again for a series of tenants.
Rathdowne St has long been a popular village wining and dining destination.
The agent who brokered the four-store combo deal is hoping the change of ownership will help breath new life into the popular strip.
“There will need to be building works done, and that would be at least six months,” Mr Theisz said.
Pre-sale rental appraisals had the site’s prospective rental return at around $320,000-$340,000 a year if all four shops, stretching across 515sq m, were leased together.
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