A Melbourne CBD warehouse converted retail premises owned by the late master jeweller Gary Bradley sold at auction for $4.805 million.
The revered artist paid $175,000 for 60 Hardware Lane in 1984.
Built in 1872, Mr Bradley occupied the Victorian building as a workshop in the basement and a showroom at ground level.
Upstairs was configured with an apartment.
Nowadays the 201 square metre space is tenanted to Sicilian restaurant Il Nostro Posto, and day spa, Le Beau Monde.
Based on the asset’s annual rental return, it was snapped up at on a 2.9 per cent passing yield.
The property had a reserve of $3.9 million.
CBRE’s Julian White, Nathan Mufale and Alex Brierley marketed the property.
In August, planning minister Richard Wynne granted “greater protections against future development” via an amendment to the Melbourne Planning Scheme applying controls to Hardware Lane and nearby Guildford Lane.
According to this government statement, Hardware Lane was once the heart of Melbourne’s racehorse training industry and named Kirk’s Lane in honour of James Bowie Kirk who opened the city’s first horse bazaar in the 1840s.
Today, Hardware Lane’s cobblestone pavement and umbrella canopy is reminiscent of laneways in Rome and Marseille, the government added.
“These laneways have a rich and interesting history and we want them to be protected so they can be enjoyed by generations to come,” Mr Wynne said at the time if implementing the planning controls.
“Like so many Victorians I’ve had some great nights out on Hardware Lane and these new heritage protections mean that future generations can experience the same.”