Luxury Singaporean fragrance retailer Prestige Brands purchased a three-storey building on Little

Luxury Singaporean fragrance retailer Prestige Brands purchased a three-storey building on Little Collins Street for $10.75 million, marking an off-market deal negotiated by real estate agents. The transaction involves an empty building at 285 Little Collins Street that is about to become a fragrance shop.

Retail Confidence Returns to Little Collins Street

The transaction represents a vital vote of confidence in the Melbourne central business district. For years, the immediate area functioned largely as a building site. The acquisition helps re-establish the retail credentials of Little Collins Street following extensive urban construction work.

Property agents involved in the transaction included Stephen Speck and Michael Ludski of Teska Carson, Anthony Kirwan of MAKER Property, and Angus Windred of CBRE. While these representatives declined to publicly confirm the buyer’s identity during initial inquiries, market details surrounding the transaction quickly emerged.

Fragrance Shop Opens Near Mecca Flagship Store

This positioning places the future fragrance shop within close proximity to the Mecca flagship superstore in the Bourke Street Mall, alongside nearby hospitality venues including the Holiday Inn and Hotel Indigo.

Anthony Kirwan of MAKER Property explained the decision-making process behind the acquisition. “They really wanted to be in the core. We took videos up and down Little Collins Street to demonstrate the area’s 24/7 trading but the walk through Mecca on a Saturday afternoon sealed the deal,” Kirwan told Capital Gain.

Property Price Rises from 1996 Valuation

The $10.75 million purchase price equates to a building rate of approximately $18,000 per square metre. Historical property records show the three-storey structure previously changed hands in 1996 for $1 million.

In recent years, the building accommodated the GLDNN boutique and the Miss Fox beauty spa. During the broader fashion boutique renaissance of Little Collins Street through the late 1990s and early 2000s, the address served as the city flagship for Scanlan and Theodore before later housing Cyberia.

National Expansion Plans for Prestige Brands

Established in 1983, the Prestige Group operates across the retail sector by offering a broad range of luxury and premium fragrances and cosmetics. Market intelligence indicates the company plans a wider national rollout. The firm has recently secured properties in Sydney, Brisbane, and Perth as part of this ongoing commercial expansion strategy.

Spring Brings a Wave of Shopping Centres to Market

Vendors have finally made the decision, mostly because there are more opportunities for their money now, Stonebridge Property Group’s Justin Dower said.