Being offered for sale for the first time in almost fifty years is the Nicholas Building at 37 Swanston Street, Melbourne. The property is being marketed by Allard Shelton and Colliers International on behalf of Avillino Pty Ltd, Dymbro Nominees Pty Ltd, Lynnlea Nominees Pty Ltd and Myrgo Proprietary Limited, private companies owned by various family groups and individuals from Toorak.
The Nicholas Building, completed in 1926 to a design by Harry Norris, is a 10-storey office building with two showrooms to Swanston Street; on the ground floor, the Cathedral Arcade featuring a barrel-vaulted, leadlight ceiling, and an historic post box set into one wall. It was originally built for George and Alfred Nicholas, founders of Aspro, a brand of asprin.
It is occupied by a hundred or so eclectic and diverse tenants including Vintage Sole, Studio of Possibilities, Muses of Mystery and Festival of Independents. The historic property is set to benefit from the opening of the soon to be completed Town Hall Train Station.
The property last traded at $2.8 million in June 1973. In this, its only second time on the market, it is expected to sell for $80 million plus.