Image: The Sydney Morning Herald
The Poulakis family, once the owners of collapsed luxury menswear retailer Harrolds, is selling another big piece of Melbourne’s CBD.
Their property, the majestic Customs House at 325–331 Flinders Lane, has just hit the market with a price tag of more than $23 million.
From fashion empire to property sales
Harrolds was founded in 1985 by John Poulakis and became known for carrying world-famous labels like Versace, Balmain, Tom Ford, and Stella McCartney. But in 2024, the retailer went into liquidation, leaving behind more than $12 million in debts owed to staff, the tax office, and global fashion houses.
Since then, the family has been shifting its focus to property. Just last year, they sold another CBD site, the former Victoria University campus at 301 Flinders Lane, to education group Laurus for around $24 million.
A landmark building with history
Customs House is no small offering. Bought in 2001 for just $3.9 million, the six-storey building sits on one of the largest land parcels in Flinders Lane. It covers more than 3,000 square metres and features ceiling heights of over four metres. The building also backs onto the prestigious 333 Collins Street office tower, giving it strong appeal for investors.
The property is being marketed by Cushman & Wakefield agents, though they’ve stayed quiet on details.
Family ties and finances
Records show the building is owned through Zellvest, an investment company originally set up by John Poulakis and now run by his sons, Alexander and Ross. The brothers also control Mill Place Investments, which has bought several CBD sites over the years.
Although Harrolds’ liquidators have said the family’s property companies are separate from the collapsed retailer, questions remain. Reports suggest Harrolds made $13.3 million in loans to family-linked entities, and efforts to recover that money are ongoing.
The next chapter
While Harrolds is gone, its legacy hasn’t fully disappeared. Some former staff members have revived the retailer in Sydney, giving the brand a second life outside Melbourne.
For the Poulakis family, however, the spotlight is now firmly on Melbourne property and the sale of Customs House could mark another major step in their post-retail journey.
Source:
Nicole Lindsay. “Collapsed Harrolds owners have another CBD property up their sleeves.” The Sydney Morning Herald, September 13, 2025. Accessed September 16, 2025.
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