Cannon family list Alcaston House strata office
Melbourne’s wealthy Cannon family is selling a strata office after nearly 40 years.
The 91 square metre corner space on the first floor of the historic Alcaston House building at 2 Collins Street, in the city (pictured, top and right), is being offered with vacant possession having previously been used as a dental practice.
It is expected to sell for about $1 million.
Alcaston House, constructed c1929, and rising seven levels over a basement, was Melbourne’s first mixed-use building.
According to this Victorian Heritage Database listing, the Renaissance Revival complex was erected for the trustees of Dr EM James, whose home previously occupied the land.
It was penned by architect firm A&K Henderson which is also responsible for the T&G Building at nearby 161 Collins Street.
A major renovation and subdivision of Alcaston House suites took place in the early 1980s.
Today its strata units are occupied by a mix of residents, businesses and medical practices.
Colliers International marketing agent, Anthony Kirwan, said the Capital City 1 zoning of the building provides any incoming owner multiple options, including re-using the space for medical use, or as a commercial workplace, retail – or an apartment.
The Cannon’s refurbished strata suite overlooks The Old Treasury Building, Fitzroy Gardens and Melbourne Cricket Ground.
Alcaston House sits within a pocket of the city classified by the Property Council of Australia as Melbourne’s Eastern Core.
Office vacancy rates in this precinct are currently a record low 1.4 per cent, according to the industry body.
“This is a once in a lifetime opportunity for any investor or owner-occupier,” Mr Kirwan said of his strata listing.
“The juncture of Collins Street and Spring Street is arguably Melbourne’s most iconic intersection and spaces like this so rarely become available, and for good reason”.
Interest for investments at the eastern end of Collins Street tend to attract representation from Asia, the UK and USA, the executive added.
“Along with a distinguished east-end precinct location, 2 Collins Street is surrounded by premium office buildings, luxury retail, hotels, government and the city’s finest hospitality venues.
“The property is set to benefit by neighbouring developments including 80 Collins Street.
“Corner Level 1 [of 2 Collins Street] presents an extraordinary opportunity for any occupier, astute investor or self-managed-super-fund buyer with enormous growth potential.”
Andrew Cannon
The Cannon Group is directed by Australia’s honorary consul to Monaco, businessman, philanthropist and property developer and investor, Andrew Cannon.
Elsewhere in the Melbourne CBD Mr Cannon constructed the distinctive Monaco House at 22 Ridgway Place.
The businessman also developed the Point Lonsdale Guest House on the Bellarine Peninsula.
In Prahran, Mr Cannon is proposing a build-to-rent project at 424 Malvern Road.
In June we reported Mr Cannon was an underbidder for two neighbouring Little Collins Street properties which sold for $22.35 million – about $10 million over expectation.
These properties neighbour Monaco House.
Four years ago, the businessman offloaded a unique row of 15 double-storey shops, forming the 1887 Emerald Hill Terrace complex, in South Melbourne’s Clarendon Street, for $27.5 million.
The Cannon family paid the state government $5.7 million for Emerald Hill Terrace in 1997.
In 2014, Mr Cannon sold his late father’s family home at 56 Albany Road, Toorak – considered Melbourne’s best street – to BMF construction chief, Ian Wright, for $6.5 million.
It was at this home Dr Robert Cannon, a revered dentist, and his wife, Jean, a dental surgeon, hosted international guests including Hollywood actor Kirk Douglas, tennis player Ivan Lendl and American business tycoon Howard Hughes.
Mr Wright flipped the Toorak home to the Munz family for $8.05 million in 2015.
The home was re-offered for sale last year with a price guide of between $11.5 million and $12.5 million.
The Munz family control plumbing supplies business Reliance Worldwide Capital, which is speculated to be worth about $1.3 billion.
Mt Eliza’s landmark Pinecliff horse training complex is another prestige property within the Munz portfolio.
