Church Street icon to go under the hammer after 43-year family hold

One of Melbourne's most tightly held city-fringe retail precincts is set to test the market, with 455 Church Street, Richmond launching for sale via public auction in what will be just the third Church Street auction in the past five years. 

Offered for the first time in more than four decades, the blue-chip freehold occupies a prominent position in the heart of Melbourne's renowned furniture precinct, surrounded by national brands including Jardan, Coco Republic and Camerich.  

The property is being sold through Jack Cooper, Valerie Tang, Angus Parnham and Leon Ma of Cushman & Wakefield, with vacant possession, creating flexibility for owner-occupiers, investors and value-add buyers.  

The two-level building comprises approximately 254 sqm* on a 190 sqm* landholding and benefits from dual street access, basement storage and direct connectivity to East Richmond Station and the Church Street tram corridor.  

The campaign follows the sale of another Church Street property by Cushman & Wakefield that achieved $1.925 million above reserve, further highlighting the depth of demand for tightly held freeholds within the precinct. 

Jack Cooper of Cushman & Wakefield said opportunities of this calibre were exceptionally limited. 
"Church Street is one of Melbourne's most tightly held retail strips, and this is only the third property to be offered to auction here in the past five years. 

"The property has been held by the same family since 1983, which speaks volumes about the long-term strength of the location. We expect strong competition from owner-occupiers, particularly premium interstate furniture and homewares retailers looking to establish a flagship Melbourne presence." 
Church Street has become one of Melbourne's premier lifestyle and design destinations, combining high-end furniture showrooms with hospitality venues, premium retailers and excellent public transport, making it one of the city's most sought-after city-fringe commercial precincts.  

Valerie Tang of Cushman & Wakefield said the flexibility of the offering would appeal to a wide range of buyers. 
"Vacant possession is becoming increasingly difficult to find in established retail precincts like Church Street, particularly for buyers wanting immediate occupation or the ability to reposition an asset. 

"The combination of a blue-chip location, prominent street frontage and genuine flexibility to occupy, invest or add value creates a compelling opportunity that we expect will resonate strongly with the market" she said. 
455 Church Street, Richmond will be offered for sale via on-site public auction at 1pm on Thursday 10 September through Cushman & Wakefield's Jack Cooper, Valerie Tang and Angus Parnham.