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Louis Vuitton Building Hits the Market

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The building containing Louis Vuitton’s flagship store on Collins Street will test demand for prime Melbourne CBD assets as it hits the market ahead of the anticipated end to the city’s strict lockdown, with price expectations of more than $50 million.

Located at 139 Collins Street, the Kearney family are offloading the four-storey retail and commercial building which sits on the corner of Collins and Russell Streets. It last changed hands for $16.2 million in 2006, from the previous vendor registered as a "trust company".

Louis Vuitton’s flagship store occupies both the ground floor and level one, on a 15-year lease expiring 2026.

John Marasco, Oliver Hay, Matt Stagg and Daniel Wolman of Colliers International have been appointed to manage the International Expressions of Interest campaign.

“There is overwhelming pent up purchaser demand for prime Melbourne CBD assets from local, interstate and offshore investors,” Marasco said.

“Benefiting from a prime Collins Street location and anchored by Louis Vuitton, we anticipate the offering will be hotly contested and demonstrate the robustness of the Melbourne CBD market.”

Stagg described the Louis Vuitton boutique as arguably the most coveted trophy asset in the Melbourne CBD.

“Colliers receives more unsolicited enquiries to acquire this property than any other in the Melbourne CBD,” Stagg said.

The building is fully leased with a WALE of 5.05 years.

Constructed in 1888, the building was designed by architect William Salway, and has had six owners in its 130-year history.

Property investor and barrister, the late John Kearney, and his wife Alison, were also owners of the Block Arcade in Melbourne's CBD, which the family sold for around $80 million in 2014.

Earlier this week, an office tower held by Credit Suisse Asset Management hit the market with expectations of about $160 million.

Credit Suisse tapped CBRE and JLL to manage the 11 storey tower sale at 505 Little Collins Street.

While, RMIT University is looking to sell and lease back its Bourke Street tower in the Melbourne CBD for more than $120 million.

And this month, Dexus sold its A-grade 22- storey CBD tower to German investor Deka Immobilien in a deal worth more than $450 million.


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Article originally posted at: https://www.theurbandeveloper.com/articles/louis-vuitton-building-collins-st-hits-market-50m-