This article is from the Australian Property Journal archive
SINGAPORE-listed retailer The Hour Glass has been confirmed as the buyer of the Louis Vuitton building in Melbourne, paying $68 million for the asset in the city’s Paris End.
The Kearney family, which has held several noteworthy CBD assets, was the vendor of 139 Collins St. It netted well above initial expectations of $50 million.
The property is a fully leased four storey building of 1,633 sqm with basement car park, occupying a 563 sqm parcel on the corner of Russell St. Louis Vuitton occupies the ground and first floors on a lease running until 2026, while office tenants above include lawyers and financial advisors.
The Hour Glass retails high-end brands such as Rolex, Jaeger-LeCoultre and Patek Philippe, and has a growing real estate portfolio that includes assets in Sydney and Brisbane, as well as Singapore and throughout Asia. It occupies some of its own buildings and has been speculated as a potential replacement for Louis Vuitton in the future, although it recently renovated its premises at 252 Collins St – which it bought in 2002.
“The acquisition of the Property will complement the Group’s commercial properties in the region,” The Hour Glass said in its SGX announcement.
It expects the purchase to complete this month.
The Kearneys have divested another city building, 88 Elizabeth St, for about $8 million. The four storey property has 480 sqm of lettable space was sold with vacant possession.
