Melbourne’s historic The Block Arcade hits the market
Melbourne’s iconic The Block Arcade is on the market for the first time in 20 years.
The historic shopping centre in the heart of Collins St is expected to fetch more than $100 million, with the sale tipped to draw interest from investors in Asia, Europe and the US.
The Block Arcade was built in 1892 and is famous for its Victorian architecture, mosaic floor and glazed dome.
Today it is home to 27 retail tenants including Telstra Corporation, Orrefors Kosta Boda, Hopetoun Tea Rooms, Haighs Chocolates, Hunt Leather, Crabtree & Evelyn and Wittner.
The office floors are leased to professional services and administrative bodies.
Colliers International and Allard Shelton are handling the sale and Colliers International Managing Director of Capital Markets & Investment Services John Marasco says The Block Arcade is a blue chip Melbourne CBD investment.
“Collins Street is arguably Australia’s premier retail destination for luxury retail brands such as Louis Vuitton, Gucci, Prada, Bvlgari, Ralph Lauren, Giorgio Armani, Hermes, Ermenegildo Zegna and Tiffany & Co, just to name a few,” he says.
“The Block Arcade is well positioned to capitalise on demand from luxury retailers trying to secure tenancies along Collins Street.”
Allard Shelton Director Patrick Barnes has managed The Block Arcade for 20 years.
He says the sale gives investors the chance to buy “a Collins Street trophy investment”.
“The Block Arcade has an unprecedented 120-year successful retail trading history and there is a waiting list of tenants trying to secure space in the centre,” he says
“It is much-loved by Melbournians and has a loyal following of local shoppers. It is also a popular tourist destination for interstate and international tourists, attracting more than 3.5 million visitors during 2013.”
The Block Arcade complex is being offered by international expressions of interest closing Thursday April 3 at 4pm.