Luxury retailer Chanel has purchased a 10-year-old boutique store for $75 million, showcasing its confidence in Melbourne's CBD. The store sells high-end handbags and shoes, with prices exceeding $10,000. Chanel's owners, the Wertheimer brothers, have seen their fortune double since 2020, reaching an estimated worth of $57 billion each. The brand regularly increases the prices of its sought-after handbags, contributing to its success.
Luxury retailer Chanel has paid a thumping $75 million to buy the 10-year-old boutique store where it retails $10,000-plus handbags and shoes.
Last year, Chanel’s luxury rival Christian Dior paid $39 million for the former Ivy nightclub across the street at 145–149 Flinders Lane. The extraordinary site is likely to fetch between $70-$90 million depending on the potential planning outcome of any future scheme. Dickinson said there are no height limits on that stretch of Barkly Street.Self-storage giant Kennards has set a new land record in Abbotsford, paying $5.23 million off-market for three warehouses adjoining its existing premises, a historic four-storey shoe factory on the corner of Russell and Langridge streets.
Apartment living has created a booming storage market in the area. Late last year, StorHub paid $14.3 million for 26-42 Alexandra Parade, Clifton Hill, a building the Silver Top taxi-owning Gange family owned twice. It was one of a portfolio of properties bought by the Napthine Government for the aborted East West Link.
The fund originally listed the carpark last year after the Victorian Civil and Administrative Tribunal rejected its bid to build an office tower on top because it was too big and too close to the Yarra River.Jones said there is “significant private capital” looking to buy in Victoria and expects this “transaction will act as a catalyst for other investors to enter the playing field”.
Gross Waddell agents Michael Gross, Glenn Ye, Alex Ham and Danny Clark handled the transaction. They declined to comment on the vendor.
Chanel Luxury Retailer Boutique Store Melbourne CBD Handbags Shoes Wertheimer Brothers Fortune Prices
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