This article is from the Australian Property Journal archive
THE iconic former home of Kozminsky jewellers on Bourke St in the heart of Melbourne’s CBD has sold under the hammer for $7.6 million.
The 421 Bourke St property covers a 130sqm site and has a floor area of 380sqm, and was sold to the Gianarelli family at a land rate of $25,600 per sqm.
The three-storey Victorian freehold, on the corner of McKillop St, was home to Kozminsky for more than 40 of its 165 years of operation before it closed down early this year.
Kozminsky had originally opened in 1851 on the corner of Bourke and Elizabeth streets.
CBRE’s Josh Rutman, Tom Tuxworth and Nick Lower sold the property on behalf of vendors the Shaw family.
The Shaws had engaged Colliers International to lease the building shortly after Kozminsky closed, with expectations of strong enquiry from hospitality groups.
They decided to take the vacant site to the market in May after a number of approaches from purchasers, as well as potential tenants.
The building itself was constructed in 1859 for Kaye, Butchart and Co., and was acquired by the Shaw family in 1976 at auction for $295,000.
In March, the three-level vacant building at 23-29 Bourke Street, formerly the home of Society restaurant, sold at auction for $8.07 million after competition between four bidders.
It was opened in 1924 by Guiseppe Codognotto and traded for more than 90 years as an Italian-themed restaurant until it closed last year.
Australian Property Journal
