Melbourne's famous McGill's book store, located in Elizabeth Street in the heart of the CBD, has been listed for public auction, following strong demand for CBD retail property.
Agent CB Richard Ellis (CBRE) said strong sales results achieved at Swanston and Bourke Streets had convinced the owners of the strong demand for assets in the prime CBD retail space. Recently properties sold in these locations for $15 million and $17 million respectively.
"We have continually spoken with the vendors about offering the property to the market but they had little interest," CBRE agent Sebastian Drapac said.
The prime retail property is expected to go under the hammer around the $10 million to $20 million price bracket with the auction to be held on site at noon on Wednesday, December 15. The building presently returns an income of approximately $556,533 net per annum.
"We are seeing continued confidence from retailers and landlords within Bourke Street Mall and the major refurbishment of Myer and David Jones are terrific examples of the confidence that major retailers have in this location," Mr Drapac said.
"Added to this is the continued interest from international retailers to secure space within Bourke Street Mall. The recently confirmed deal involving Zara and the former Supre store on Bourke Street Mall is yet another example of the quality of this location."