Melbourne’s memorable 2019 commercial property deals
Some of Victoria’s most renowned pubs, shops and clubs were among the most notable commercial listings on the market in 2019.
The building housing swanky South Yarra nightclub The Emerson, run by ex-North Melbourne teammates Glenn Archer and Leigh Colbert was one of the most dazzling deals.
A local private investor bought the heritage building from its Singapore-based owner, for an undisclosed figure understood to be in the vicinity of the $11 million price expectations.
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The tri-level building with a heritage facade spent seven weeks on the market before the deal was done.
The club features multiple drinking and eating spots.
The Emerson site in South Yarra sold last year.
Colliers International selling agents Guy Wells and Oliver Hay previously said they received “strong interest and multiple offers from a wide array of buyers” in that time.
Archer and Colbert will continue to operate the award-winning celebrity hotspot.
The stunning heritage-listed property was home to Jacques Raymond’s restaurant.
In September, celebrity chef Jacques Reymond sold his landmark Prahran mansion that was home to one of the city’s best restaurants.
His namesake French eatery was at 78 Williams Rd for 23 years. Woodland House later operated from the venue until it closed in July 2019.
The property sold for an undisclosed price by Colliers International.
Lilydale Motor Inn changed hands.
Across regional Victoria, motels and country pubs were put on the market as long-time owners struggled to compete with AirBnb.
Old-school motor inns closer to the city including the Box Hill Motel and Lilydale Motor Inn managed to secure sales during the year.
A Ballarat pub owned by artists David and Yuge Bromley remains on the market with price hopes of about $3 million.
David and Yuge Bromley have listed 323-331 Mair St, Ballarat for sale.
The Pub with Two Names, which also contains a gallery and residence, was first listed in September.
It was completely renovated by the creative couple, with colourful murals and other quirky artwork.
But a flagship David Jones store in the Bourke St Mall will be one of the largest property deals, with vendors asking for more than $150 million.
David Jones’ flagship menswear store at 299 Bourke St, Melbourne has hit the market.
CBRE director of investments Mark Wizel says the menswear store will remain on a short-term lease for at least 18 months, and as long as three years, after settlement.
From there, he expects the “special piece of real estate” to undergo an “upgrade in the order of 10s of millions of dollars”, or even be expanded upwards.
This article from The Herald Sun originally appeared as “Melbourne’s dazzling commercial deals of the past 12 months”.
