Prominent family sells historic Melbourne landmarks
An Australian firm has acted for the high-profile Schwartz family in the sale of two of its historic Melbourne CBD assets.
Firms: Marshalls+Dent+Wilmoth (Schwartz family); Undisclosed (purchasers)
Deal: The Schwartz family has been advised on the sale of two of their historic properties, located in Melbourne’s CBD.
Value: $100 million
Key players: The Marshalls+Dent+Wilmoth team was led by senior commercial and property partner Jeffrey Pinch and was assisted by senior associate Josh Kaplan.
Deal significance: The Schwartz’s are a high-profile family who owns historic assets.
In this transaction, Marshalls+Dent+Wilmoth advised the Schwartz family on the sale of two of their assets – the heritage-listed Duke of Wellington pub and an adjoining office building on Russell Street, and the 65-room Adina Hotel (which comprises popular whisky bar Eau-De-Vie) on Flinders Street.
According to a statement from the firm, the two properties are landmarks in the highly valuable and tightly held East End of the Melbourne CBD.
The Duke, in particular, has historical significance given its rich history in Melbourne and its heritage designation, the firm noted.
Commenting further on the transaction, Marshalls+Dent+Wilmoth senior commercial and property partner Jeffrey Pinch said: “We are delighted to have advised on this transaction and congratulate the Schwartz family as well as the very capable team at CBRE, led by Josh Rutman and Mark Wizel”.
“Both transactions had their own complexities, considering both assets comprised a mix of uses and tenancy arrangements,” he concluded.