Vlahos family reinvests in Northbridge

The Vlahos family has reinvested in two of its Northbridge properties, in Roe Street and James Street, for a combined $5.5 million.

Cygnet West and Axia Corporate Property brokered the sale of 28 Roe Street, which houses The Standard, for $3.424 million.

RP data shows Reynella Holdings Pty Ltd, owned by Mary and Victor Vlahos, their son Nicholas Vlahos and daughter Sofia Temov, bought the property in 2002.

Business News understands Mary Vlahos bought the properties back from the entity, after a dispute with another owner instigated a court-ordered auction. 

The two agencies also facilitated the sale of 63 James Street, occupied by the Kobe Teppanyaki restaurant, for $2.08 million.

Mary Vlahos and her husband, Victor, purchased the James Street building for $160,000 in 1985 from the West Australian Building Society, RP data shows.

The family owns several properties in Northbridge, including 133 Aberdeen Street and 106 James Street, which house Jack Rabbit Slims night club and Pot Black, respectively.

Victor Vlahos passed away in February last year, and it is understood the family has been divesting its property assets since.

Cygnet West retail agency director Tim Scott said the transactions, brokered via an auction process, attracted widespread interest.

“Both properties are located in the heart of Northbridge, and near the upcoming ECU campus, so had strong interest from the market,” he said.

Additionally, Cygnet West brokered the sale of 194 William Street in Northbridge, known as Perth Hostel, for $4.5 million.

The state government sold the asset to a hospitality provider, which has plans to turn the building into new backpackers' accommodation.