Melbourne CBD’s ‘Hill of Content’ bookshop sold after 73 years

After 73 years of family ownership, Melbourne’s ‘Hill of Content’ bookshop at 86 Bourke Street, Melbourne has changed hands following a competitive sale process.

JLL Melbourne Capital Markets Director; Nick Peden said the buyer was intending to hold the classic triple storey retail freehold as a long term investment.

He said the purchaser paid $5.3 million for the building at a 2.37% yield that reflected the rarity of the opportunity and the strategic location.

The ‘Hill of Content’ bookshop was opened by founder A.H Spencer in 1922 and the original building was demolished in 1927 to make way for the current three-level building.

"Located within Melbourne CBD’s coveted East-End precinct, right in the heart of Bourke Street’s famed ‘Bourke Hill’ hospitality and retail strip, directly next door to Grossi Florentino, there’s no wonder the current tenant has been in occupation for such a long period of time," Mr Peden said.

The property comprises a 425 square-metre building with dual street frontages to Bourke Street and Mornane Place and is currently leased on a monthly basis to ‘Hill of Content’ bookshop.

Peden marketed the property with colleagues Josh Rutman and MingXuan Li.