Poulakis family sell historic Customs House
The Poulakis family, former owners of luxury male fashion retailer Harrolds, have sold Melbourne’s historic Customs House.
The six level office with ground floor retail at 325-331 Flinders Lane traded for $18.5 million to a Sydney based private investor.
On 908 square metres zoned Commercial 1, the airspace was marketed for its development upside.
The heritage protected building, developed in stages between 1850-1876, contains 2911 sqm.
The asset also contains 15 basement car parks.
Cushman & Wakefield’s Daniel Wolman, Oliver Hay and Leon Ma brokered the deal.
The prospective buyer pool for Customs House included other instate investors, they said.
The incoming owner plans to refurbish.
The deal comes 14 months since the Poulakis family closed the Harrolds clothing brand – founded in 1985.
That business was later bought by two ex-managers, Arasch Enavat and Gino Pagano.
Refurbishment planned
The Poulakis family paid $3.9m for Customs House in 2001 (continues below).
The on-sale comes 18 months since the group listed another historic property in the street – #301 – carrying c$35m price hopes.
On 825 sqm with 4747 sqm over five floors, that property was once owner occupied by Victoria University.
The Poulakis family bought it in 2017, for $34.2m.
It was reported as selling to another education group last September for $24m but this deal hasn’t settled.
Also in the pocket, Cha Ching Group in October bought a 304 sqm strata retail tenancy at 333 Flinders Ln, next door to Customs House, with plans for its third restaurant.
Spreading 304 sqm, that asset set it back $1.9m.
Justin Hemmes’ Merivale is also revamping the distinctive Tomasetti House in the area.
The Sydney based publican outlaid $43m for that building in 2021.
It was his maiden Melbourne investment.
Coincidentally, Mr Wolman sold that property too.
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