Offshore Asian investor purchases Melbourne’s oldest bookshop
News release
14 April 2024
Melbourne CBD’s ‘Hill of Content’ bookshop sold after 73 years
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After 73 years of family ownership, Melbourne’s ‘Hill of Content’ bookshop at 86 Bourke Street, Melbourne has changed hands following a competitive sale process.
JLL Melbourne Capital Markets Director; Nick Peden said the buyer was intending to hold the classic triple storey retail freehold as a long term investment.
He said the purchaser paid $5.3 million for the building at a 2.37% yield that reflected the rarity of the opportunity and the strategic location.
The ‘Hill of Content’ bookshop was opened by founder A.H Spencer in 1922 and the original building was demolished in 1927 to make way for the current three-level building.
"Located within Melbourne CBD’s coveted East-End precinct, right in the heart of Bourke Street’s famed ‘Bourke Hill’ hospitality and retail strip, directly next door to Grossi Florentino, there’s no wonder the current tenant has been in occupation for such a long period of time," Mr Peden said.
The property comprises a 425 square-metre building with dual street frontages to Bourke Street and Mornane Place and is currently leased on a monthly basis to ‘Hill of Content’ bookshop.
Peden marketed the property with colleagues Josh Rutman and MingXuan Li.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.