Dimmeys Richmond sells for $16m

The Dimmeys building in Melbourne’s inner east Richmond has sold and may be redeveloped into a shopping centre in which the discount retailer could occupy a space.

An undisclosed investor is believed to be paying more than $16 million for the 102-year-old Swan Street building

The retailer recently offered the asset, with its high-profile clock tower, after deeming it surplus to needs (it is focusing on smaller tenancies rather than large department store type shops).

Former AFL footballer Robert DiPierdomenico is a spokeperson.

In Melbourne Dimmeys also operates at Dandenong, Footscray and Werribee. It has 10 regional Victorian outlets too.

It is understood Richmond sale proceeds will be used to fit out smaller stores.

The retailer’s managing director Doug Zappelli was unavailable for comment.

Killen Thomas’ John Camilleri confirmed the Swan St building sale, which was being spruiked to builders.

The Dimmeys building is heritage-protected, but the balance of land, and airspace, could make way for a mixed-use project incorporating a multi-storey shopping centre and offices.

A high-rise apartment building has previously been mooted.

According to Samuel Furphy, who recently wrote a book on the store, Dimmeys Richmond was established more than 150 year s ago, originally as Dimelow and Gaylard.

Locals dubbed the retailer Dimmeys, and at the turn of the century it was rebranded.

At about the same time, the prominent clock tower and ball were added to the building, the author said.

In the 1920s, Dimmeys was considered an upmarket store

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.