Lygon St’s sexiest sleepwear store strips for sale
The Peter Alexander flagship where Lygon St turns pink and playful is ready to change hands, and it’s baring it all for auction.
The Carlton store where Melburnians have been slipping into something silky for years is undressing for sale.
Peter Alexander’s flagship at 271-273 Lygon St, Carlton has hit the market, giving buyers the chance to own one of the suburb’s most recognisable shopfronts.
Fitzroys agents Chris James and Ben Liu are handling the campaign and expect interest from investors, owner-occupiers and value-add buyers chasing a large-format site in one of Melbourne’s best-known lifestyle strips.
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Mr James said the two-level, 319sq m property had “housed leading Melbourne retailers for more than a century” and would continue to draw big-name tenants thanks to its size, ceiling height and prime position near Faraday St.
“This is one of the largest buildings on Lygon, and spaces of this scale rarely come up,” he said.
“The Parkville Station opening will only strengthen the street’s foot traffic and its long-term appeal.”
A pastel-pink facade that’s stopped shoppers for decades, the landmark now set to seduce a new owner.
Silk, scent and soft light, the kind of space that makes sleep feel like a luxury affair.
The building has traded through every retail era, from a piano and furniture emporium in the early 1900s, to a Maples department store mid-century, and now the softly lit sleepwear sanctuary for the ASX-listed brand.
Its high ceilings and double frontage have always given it presence, whether filled with mahogany or silk.
Mr Liu said the short-term lease to Peter Alexander provided holding income and “strong rental reversion potential” once the store’s next chapter is written.
Every corner draped in Peter Alexander’s signature glow, proof that even retail can flirt.
Just blocks away, the new Parkville Station will pump fresh life and late-night footfall into Lygon’s reborn strip. Picture: Tony Gough
“It’s a rare chance to buy a landmark and either enjoy passive income or reimagine it completely,” he said.
Set in a pocket that’s roaring back to life, the property sits metres from the revived King & Godfree and surrounded by Mecca, Sportsgirl, Fishbowl and a string of Italian icons that keep the street busy day and night.
Vacancies have dropped from 20 per cent at the height of the pandemic to about 7.5 per cent, reflecting the precinct’s renewed pull.
Mecca’s arrival nearby has added sparkle and spending power to the precinct’s after-dark crowd.
Lygon St’s blend of espresso, pasta and pink-lit shopfronts keeps Carlton’s heart beating long after sunset.
With dual rear access to Lygon Lane and one of the few footprints over 300 sqm, the building offers scope to split into two tenancies, subject to council approval.
It goes under the hammer with early $2m price hopes on October 29, a date set to draw as many eyes as its window displays once did.
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