‘Coles Richmond Icon’ set to test buyer demand for an iconic trophy investment
The Coles supermarket and Liquorland in the landmark ‘Richmond Icon,’ formerly the Dimmeys Richmond building, has been listed for sale.
Located at 140-160 Swan Street, the restored Dimmeys building has been a long-standing feature of Melbourne’s urban landscape with a prominent clock tower dating back to 1907.
Redeveloped in 2015, the asset now provides a purpose-built 3,282sqm Coles supermarket and Liquorland which integrates the iconic heritage façade.
The property, described as one of Australia’s most high-profile supermarket investments, is being offered via an International Expressions of Interest campaign by JLL’s Stuart Taylor, Tom Noonan and MingXuan Li.
The property is wholly leased to Coles Group (ASX: COL) on a 20-year term expiring in February 2035, with two further 10-year options. The current estimated net income is approximately $1.485 million per annum plus GST.
Mr Taylor said the property’s corner position on one of Melbourne’s busiest streets, lease covenant and historical significance were expected to generate strong interest from both offshore and domestic purchasers.
“Everyone knows the Dimmeys clock tower. It’s part of Melbourne’s history.
“Its high-profile position provides unrivalled exposure, with constant foot and vehicle traffic along Swan Street, 2km from the CBD and on the doorstep of Australia’s sporting and lifestyle Mecca,” he said.
Richmond Icon is positioned two kilometres from Melbourne’s CBD and less than one kilometre from the MCG and Melbourne Park precinct.
Mr Noonan said the surrounding area had undergone a renaissance in recent years with the Richmond Icon at the centre of one of the country’s most rapidly transforming and exciting precincts.
“Cremorne and Richmond have seen an influx of capital, new development and both residential and office demand in the last five years,” he said.
“Richmond is one of the most in demand residential markets, with Cremorne now labelled ‘Silicon Yarra’ driven by the wave of creative industries and technology companies that now call the area home.”
Mr Taylor added: “The sheer amount of current and proposed commercial and residential development in the area will only strengthen the retail demand for the Coles supermarket, underpinning the future performance of this asset.”
“Supermarkets in inner-city locations are rarely offered to market; Coles Richmond Icon sits in the heart of one of Melbourne’s most active and affluent catchments and is one of the most exciting commercial real estate offerings in recent times.”
Expressions of Interest for Coles Richmond close Thursday 10 September 2025 at 3.00pm (AEST).
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