Newspaper House, Collins Street sold to subdividing Singaporean investor

The historic Newspaper House, at 247 Collins Street, Melbourne has been sold at around $23 million, with the $12,000 a square metre a new record for Collins Street.

It comes with mosaic mural on its front facade designed by Napier Waller in 1932.

Mervyn Napier Waller's "I'll put a girdle about the earth" features heroic human figures appear among scenes of commerce, construction and communication.

There's lots of gold, an echo of the Byzantine era, in the 1933 commission by Sir Keith Murdoch from the Herald & Weekly Times who needed more than their empire on Flinders Street.

There had been around 12 expressions of interest before it went under offer through CBRE last month.

Eu Ming Lim, of Thomson Geer solicitors, represented the purchaser from Singapore, who told the Australian Financial Review his client was considering both leasing and subdivision plans for the building.

Set near Swanston Street with a 2084 square metre floor area, it was marketed as an irreplaceable seven level sandstone retail and office building, fully refurnished and upgraded.

Agents suggested it was a genuine “blank canvas” providing strategic opportunity for multi-level retail and/or residential/hotel conversion.

In 2010 Savills Australia had brokered a five-year lease deal for 250 square metres to Nespresso, who have now departed.

Its latest sale price has not been revealed but the former Herald and Weekly Times building sold for $11.08 million to a private investor, Melbourne horse-racing identity Ken Biddick in 2006 through Knight Frank, fully leased for $403,600 a year, reflecting a yield of 3.6%.

The then vendor, Desmond Oppenheimer had bought the building for $7.55 million in 2002.

The ground floor of 247 Collins Street had been previously leased to the House of Cashmere, and the upper levels to Sydney International College.  

HIDDEN TREASURES OF NAPIER WALLER

1926-27 MURALS Melbourne Town Hall, Swanston Street.

1927 MURAL Menzies Hotel, cnr Bourke and William streets (building demolished in 1969, mural sold privately).

1928 MURAL Better Than to Squander Life's Gifts Is to Conserve Them and Ensure a Fearless Future T&G Life Building entry foyer, cnr Collins and Russell streets.

1928 MURAL Peace After Victory State Library of Victoria, first-floor landing near La Trobe Reading Room, cnr, Swanston and La Trobe Street.

1933 MOSAIC I'll Put a Girdle Round the Earth Newspaper House facade, 247 Collins Street.

1934 FLORENTINE MURALS Florentino Restaurant, now Grossi Florentino, first floor, 80 Bourke Street.

1935 STAINED GLASS WINDOW Wesley Church, Pioneers window, upper gallery, north wall, 148 Lonsdale Street.

1935 STAINED GLASS WINDOW Ian Potter Museum foyer, Swanston Street on university campus. (Designed for Wilson Hall, University of Melbourne, which was destroyed by fire in 1951. Window was retrieved from the ruins.)

1935 MUIRALS Myer Melbourne Mural Hall dining room, sixth floor, 314 Bourke Street.

1937 STAINED GLASS Orchid Window University of Melbourne Botany School.

1940 MURAL Australian Symbolic Figures University of Melbourne Achitecture, Building and Planning Library (Orginally on display at Royal Insurance Company, 414-418 Collins Street, but donated to university after building was demolished in 1969.)

1963 MOSAIC The Eight Aboriginal Tribal Headmen Temple Court foyer, 422 Collins Street.

1967 MOSAIC Prometheus Monash House foyer, 15 William Street.

List Source: Fairfax Media