162 Collins Street, Melbourne
- Commercial
- Development
| Purchase | Long-term leasehold purchased in November 2006 |
| Leasing Agents | Savills |
| Status | Ready for new retail tenants |
| Tenant | Upper floors currently tenanted by George Patterson Y & R |
| Tenant | Ground floor refurbishment complete, producing six new boutique retail tenancies |
The building at 162 Collins Street was constructed in the late 1800's and was home to the Georges department store for over 100 years. The leasehold of this historic four-level building provides a high yielding investment.
The total floor area is approximately 6,000 square metres, with the three upper floors being extensively refurbished into offices in the late 1990's. The ground floor and basement are occupied by a variety of retailers with the ground floor providing pedestrian access from Collins Street to Little Collins Street.
Drapac recently redeveloped approximately 400 square metres of the ground floor, to create six new retail tenancies which comprise boutique retail spaces ranging in size from 35 square metres to 70 square metres.
According to the National Trust's Walking Melbourne website, the building, "an impressive example of the Renaissance Revival" was designed by Grainger & E'Ebro as the Equitable Co-operative Society in 1884. Following a fire in the George & George drapery further down in Collins Street in 1889, owner and 'landboomer' Benjamin Fink moved that business into the new building. In the mid-20th century, Georges went increasingly up-market.
Imported gowns (and local copies), attentive service, innovative window displays and a refined atmosphere gave the store a unique cachet that attracted generations of female shoppers looking for something special. Sadly, Georges closed in 1995, reopened in 1997 for several years and then closed again. It reopened in 2002 on one floor only to house a number of boutiques and restaurants.
The newly designed and constructed shopping arcade will breathe new life into this iconic shopping centre. The walkway between Collins and Little Collins has been retained.
Visit Georges on Collins website.
