Creative space up for grabs: Melbourne’s heritage Nicholas Building hits the market

A group of wealthy Toorak families is selling the prominent Nicholas Building in Melbourne’s Swanston Street, famed for its collection of creative, idiosyncratic artists and small businesses, architecture and Cathedral Arcade.

The 1926, 10-storey office designed by Harry Norris is owned by four Toorak family groups, including surnames like Davis, Smorgan, Cohen, Price, Silverstein and Samuel, and is expected to fetch more than $80 million.

On the south-west corner of Flinders Lane and Swanston Street, it lists more than 100 tenants in a rabbit warren of small offices and studios.

Businesses as diverse as Heart and Soul Tattoo, Historical Archaeology Unit, M78 Artspace, Royal Over-Seas League and Serena Lindeman Millinery hang their shingles on the doors.

The sale is being overseen by agents from Allard Shelton and Colliers International. The former have managed the building and its eclectic tenants for years and confirmed the office tower is up for sale.

“The Nicholas Building owners have been considering their position with the property – as you would appreciate there are four family groups that have owned the building since 1973 and with a multitude of stakeholders,” the agents said in an email sent to tenants.

“After careful consideration a decision has been taken to offer the property for sale by a local and international expression of interest campaign which will formally commence next week and close mid-August.”

Milliner Serena Lindeman said she first moved into her studio office in 1999 and has stayed put ever since making ladies designer hats for racing carnivals and other events.

“It’s full of small creative business people doing really interesting stuff,” she said.