COMMERCIAL PROPERTY, SALES & LEASING

Pawson House goes on the market

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A CIRCA $35 million is expected for the eight-level Pawson House building, home to popular restaurant Coda, which is the latest building on Melbourne CBD’s dining and fashion precinct Flinders Lane to hit the market.

At 141 Flinders Lane, Pawson House is on the corner of Oliver Lane, the address of hospitality institutions such as Lucy Liu and Rolex’s authentic watch service centre, while directly opposite is the former Church of Scientology Building, now fully occupied by European fashion giant Chanel and which also neighbours the Grant Hyatt Hotel and Louis Vuitton.

141 Flinders Lane’s 1,541 sqm are fully leased to several tenants with a 4.5-year weighted average lease expiry. Coda’s lease runs until 2028.

Colliers agents Daniel Wolman and Oliver Hay are managing the campaign.

“This pocket of the CBD is officially recorded as the Flinders Lane east precinct and is widely regarded by astute investors as the most sought after and seldom traded pockets within the Melbourne CBD grid,” Hay said.

“Directly opposite Chanel’s Australian flagship store, this could be the next opportunity for many of the luxury brands who have been shifting off Collins Street and looking to expand over multiple levels.”

Mid-year, Sydney pub tsar Justin Hemmes paid $43 million for Tomasetti House, which includes bar and restaurant Mill House, for his Merivale Group’s first Melbourne site, while the home of Chris Lucas’s Kisume restaurant at 175 Flinders Lane sold for about $25 million, on an eye-watering 2.5% yield.

Swinburne University sold Invicta House, at 226 Flinders Lane, for close to $40 million early in the year to Swiss fund manager Fidinam. Swinburne University had bought it for $44 million in 2019 before needing to release capital as the pandemic smashed tertiary education providers.

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