“A creative space in perpetuity”: Melbourne CBD's vertical artists' village inside the heritage Nicholas Building is saved in $80 million real estate deal
When a group of wealthy Toorak families put the 10-storey Nicholas Building on the corner of Flinders Lane and Swanston Street up for sale in the middle of the pandemic, there were fears its collection of idiosyncratic artists and small businesses would make way for upmarket apartments or swanky loft-style offices.
Stephen Mclaughlan, a tenant for 29 years and the owner of Stephen Mclaughlan Gallery, said the tower’s unique mix gives it “genuine diversity and vitality,” qualities he hopes it will retain under the new ownership.“I think it’s pretty much going to stay that way and if the rent goes up a bit, that’s OK,” Mclaughlan said.
“It’s a good example of private capital coming together with social enterprise to achieve an outcome that meets the goals of all stakeholders.”On the ground floor is the architecturally significant Cathedral Arcade. It features a distinct historic post box set into one wall, prominent barrel-vaulted, leadlight ceilings, a patterned tiled floor and boutique retail spaces.
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