A traditional Collins Road constructing residence to Louis Vuitton’s flagship metropolis retailer has bagged a purchaser after attracting mammoth worldwide curiosity.
The historic Paris-end landmark on the nook of Russell Road is beneath supply, with the deal anticipated to be official inside the “subsequent three weeks”, in response to Colliers Worldwide agent Oliver Hay.
“It hasn’t bought but however contracts have been exchanged,” Mr Hay mentioned.
“There have been a number of events throughout the six-week course of.”
Mr Hay wouldn’t touch upon rumours the historic four-storey constructing had bought to a Singaporean investor for about $65m – properly above the marketed $50m value expectations.
It’s a determine over and above the $16.2m paid in 2006 by the distributors, late barrister John Kearney and his spouse Alison. The rich couple additionally owned The Block Arcade, which they bought for $80m in 2014.
Colliers’ Matt Stagg mentioned there was “greater than 350 purchaser inquiries” from Australia, South East Asia, China, America and Europe within the constructing housing Louis Vuitton.
“The worldwide expressions of curiosity marketing campaign culminated in additional than 15 aggressive provides being acquired from ultra-high web price personal traders, listed funding funds, syndicates and worldwide luxurious retail manufacturers,” Mr Stagg mentioned.
Digital excursions, detailed constructing experiences and intensive gross sales materials had been supplied to worldwide traders who couldn’t journey to Australia to bodily examine the asset.
Louis Vuitton’s long-term lease ends in 2026, which suggests the luxe retailer is unlikely to vanish from town.
There are different authorized and monetary places of work within the constructing above the bottom flooring.
The grand Nationwide Belief-protected constructing was in-built 1886 as a medical doctors’ workplace and later grew to become the headquarters for the historic women-only Alexandra Membership for 60 years.
Colliers Worldwide Victorian chief government John Marasco beforehand informed the Herald Solar it was a “great constructing, which celebrates Melbourne’s historical past and heritage”.
“It’s received an incredible international tenant within the luxurious model Louis Vuitton … and it’s been very well saved,” Mr Marasco mentioned.
He mentioned the sale would “show the robustness of the Melbourne CBD market”, which has been onerous hit throughout Victoria’s coronavirus lockdown.