20 Russell Place, Melbourne
The Melbourne CBD is set for its first on-site retail property auction of the year, with a blue-chip investment in one of the city’s most sought-after laneway addresses going under the hammer this month as the city experiences a fantastic opening to the new year.
Fitzroys’ Mark Talbot and James Lockwood are marketing 20 Russell Place, Melbourne, with the auction set for Thursday, 26 February at 1pm.
Circa $1.5 million is expected.
The ground floor property is to be offered with a new, secure 5+5-year lease to a tenant trading under ther New York City fashion label Knickerbocker returning $75,000 per annum plus outgoings and GST, with annual increased of 4%.
Comprising an immaculate brand-new retail fit-out, the property features timber floors, exposed high ceiling and full-height glazing providing excellent natural light. The layout includes a front retail area with display racks, seating, a central counter with change rooms and storage to the rear, and there is rear access.
“Enjoying an iconic East End laneway address and securely leased to a highly-regarded New York City fashion label, this presents as a secure, blue-chip Melbourne CBD investment,” Talbot said.
“We’re expecting interest from a range of investors attracted to the strong leasing fundamentals and excellent future growth prospects, as well as buyers appreciative of the hugely rare opportunity to get a foothold into this location and who might have an eye to future owner-occupation.”
The Russell Place thoroughfare between Little Collins and Bourke streets has undergone extensive revitalisation, becoming a destination in its own right for boutique retail, dining and nightlife experiences.
It is excellently positioned in the heart of the Melbourne CBD, just metres from world-renowned Bourke Street Mall, and surrounded by cafès, bars, a multitude of major luxury retailers including Louis Vuitton, Bvlgari, Dior, Georges, and more; premium commercial office towers, and premium hotels and hospitality venues including QT, Hyde, Bar Ampere, Marra-Meo, Gimlet and more, ensuring a constant flow of daytime and evening visitors.
“Character-filled Russell Place really captures the true essence of Melbourne’s laneway culture – atmospheric, and always buzzing with life,” Talbot said.
Importantly, the property is exceptionally well connected, providing seamless access from across the CBD and Melbourne’s suburbs. It is situated within the Free Tram Zone with multiple tram routes operating along nearby Bourke and Swanston streets, and is just a short walk from major transport hubs including Melbourne Central, Parliament, and Flinders Street Stations, and the new Metro Tunnel stations Town Hall and State Library.
Lockwood said, “Melbourne’s CBD has had a great start to 2026, with people returning to the office, the opening of the Metro Tunnel, and the Australian Open and recently-completed developments and new retail offerings bringing in huge crowds,” Lockwood said.
“20 Russell Place is ideally located to capture the growth in activity we’re seeing in Melbourne’s CBD now and into the future.”
The auction follows Fitzroys’ recent successful auction campaign of Niagara House located at 370 Little Bourke Street, which sold for close to $10 million.
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