Colliers International to introduce iconic Royal Arcade shopfront to market later this month, as buyers scramble for superior retail assets
A landmark shopfront in Melbourne’s Royal Arcade, built in 1870, has come to market, marking the first Bourke Street Mall listing since 2004.
Colliers International’s Oliver Hay, Daniel Wolman, Matt Stagg and David Sia have been appointed to the sale of shop 34, 331-339 Bourke Street via expressions of interest closing April 28 at 3pm.
Tenanted by Bankwest, the shop is in the epicentre of Melbourne CBD’s retail core, in immediate proximity to Myer, David Jones, Zara, H&M and other GPO traders.
“This is a once-in-a-generation opportunity to secure a Bourke Street Mall address with significant presence and street frontage,” Mr Hay said.
“Buying into Melbourne’s oldest arcade will never go unrewarded.”
Mr Hay said the renowned address was anticipated to fetch more than $30million.
“Bourke Street Mall has long been considered the ultimate address for an Australian trophy asset,” he said.
“Such a high-performing, secure asset will appeal to the most discerning investor.”
The sale will mark the first transaction in the tightly held shopping strip for about 13 years.