In a record making auction 220 Bourke Street, Melbourne has been sold for $15,205,000.
Advertised by Colliers Melbourne as a ‘once in a lifetime’ offering, the building sold for a staggering $4 million over the reserve. The building had not been offered for sale in eighty years. It was originally bought by Sam and Rose Brilliant of Caulfield, who arrived with nothing from Poland in 1913 and built their fortune through their successful Brilliant Knitting Mills in North Carlton. It was sold today by their descendants.
220 Bourke Street, according to Melbourne Cityscope, is an Art Deco four-level building with a roof top terrace and basement. The building’s lower levels are occupied by retail tenants including Cotton On Body, Comics 'R' Us and Easy Café, with the upper levels used as offices. It was originally designed by the late Harry Norris, one of Melbourne's best known architects from the interwar period and is a strata titled building.
The sale, at $15.2 million, represented an initial yield of 2.99% on a passing income of $453,950 (net).