Melbourne's Swanston House sells under the hammer for $18M

163 Swanston Street has changed hands for the first time in close to four decades
The property was acquired by a local investor at a well attended auction
Swanston House was built in 1922 and was designed by architect Nahum Barnet

After attracting a crowd of more than 150 people at the auction, Swanston House in Melbourne’s CBD has sold for over $18.02 million.

Located in a prime position close to Bourke Street Mall, Swanston House was acquired by a local investor with the winning representing a competitive land rate of over $95,000 sqm.

Swanston House was built in 1922 and was designed by architect Nahum Barnet who is responsible for countless buildings across Melbourne.

Prior to the sale the Conos family, known for pioneering Greek cafes and restaurants across Melbourne, held the property for 37 years.

Properties along Swanston Street are notoriously tightly held with only four changing hands in the last decade.

Some buildings along the retail strip have been in the same family since the early 1900s. Image – Supplied

The sale of 163 Swanston Street was managed by Colliers’ selling agents Leon Ma, Daniel Wolman and Oliver Hay in conjunction with Alexander Robertson’s Kristian Peatling and Warwick Bramich on behalf of the Conos family.

Mr Bramich said Swanston House’s seven levels, plus its newly refurbished basement and potential rooftop terrace, are ideal for various uses, including office, hospitality, and retail spaces.

“Sold with vacant possession and a total net lettable area of 1.508sqm, Swanston House comes with endless value-add opportunities thanks to its great heritage and pristine location,” said Mr Bramich.

While the site is currently vacant, it benefits from proximity to high-calibre retailers, including Myer, David Jones, H&M and Zara. It also has dual street frontage
to Swanston Street and Masons Lane with over 17,000 daily bypassers

The auction attracted a crowd of over 150. Image – Supplied.

The sales campaign generated over 80 enquires from various local and offshore investors during the campaign. Colliers’ agent Leon Ma said that she believes the appetite for high-profile quality buildings remains.

“Despite current interest rate rises, we have witnessed a strong demand for quality commercial property across all asset classes in Melbourne. The recent sale of Swanston House demonstrates just that,” Mr Ma said.