Richmond’s historic Dimmeys building listed with $30m+ hopes
The 140-160 Swan St, Richmond, former home of Dimmeys and Forges has been listed for sale with a $30m-plus price tipped.
The Melbourne landmark formerly home to Dimmeys and Forges has been listed for sale with industry expectations it will go for anything but a bargain at north of $30m. Made famous by the “be there” spruiking of AFL legend Robert “Dipper” DiPierdomenico in the 1990s, the Swan St property is still recognised by its heritage facade dating back to the early 1900s, and its iconic clock tower.
But the bargain store at 140-160 Swan St, Cremorne, closed its doors in 2012, after the site was bought by private investor Joel Freeman’s Richmond Icon Pty Ltd for $16m in 2009.
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It has since been redeveloped to host a Coles and a 10-storey apartment complex at the rear.
Sales documents have revealed the supermarket giant has signed an extraordinary lease that will have them in place until at least 2035, and potentially until 2055.
At a 5 per cent yield based on the sites eye-watering $1.485m a year return, industry sources have suggested it could be worth more than $30m.
Robert “Dipper” DiPierdomenico’s appearances in adverts became synonymous with Dimmeys.
The expansive and historic site now also hosts a 10-storey apartment tower.
JLL’s Stuart Taylor, Tom Noonan and MingXuan Li are handling the sale, and while they would not comment on its potential price they said it was likely to sell to a wealthy individual or family investor.
“We find that certain high-net worths are attracted to these terrific assets predominantly due to the fact that it’s a really secure lease and an A-Grade location,” Mr Taylor said.
“But then there can be a nostalgia that can make them a bit more aggressive in their bidding.”
They re describing the property as one of Australia’s most high-profile supermarkets, with the 3282sq m property located about 2km from Melbourne’s CBD on one of the city’s most prominent retail strips.
“Everyone knows the Dimmeys clock tower. It’s part of Melbourne’s history,” Mr Taylor said.
“And I think that Swan St has only gone from strength to strength.”
Coles has taken on the tenancy at the site until potentially 2055.
The Dimmeys development in Richmond, by Armsby Architects, won the non-residential heritage conservation category at the 2015 BDAV awards.
Dimmeys started its run as a business as Dimelow and Gaylard’s in the regional Victorian township of Maryborough during the gold rush era.
It closed its final department store in 2019, ending a more than 160-year trading run that had it connected with locations across Victoria, NSW, Queensland and South Australia.
Expressions of interest for the Swan St property close at 3pm, September 10.
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