King Street continues to strip itself, after recent $50 million sale of gentleman’s club.

King Street continues to strip itself, after recent $50 million sale of gentleman’s club.


January 2019
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King Street continues to strip itself, after recent $50 million sale of gentleman’s club.

The freehold for Melbourne’s gentleman’s club, Goldfingers, has recently sold for around $50 million in what has been reported as a highly confidential off-market deal.

Owners Eddie Hirsch and Avi Silver, founders of United Petroleum, sold the well-known strip club freehold in conjunction with three neighbouring buildings near the corner of King and Lonsdale Streets. The purchaser is believed to be a company associated with Melbourne building firm Hickory Group, however a spokeswoman for the Group has denied it was the buyer.

The four buildings combined offer 1,750sqm of developable space. Goldfingers operates within two of the buildings; the 1915 art nouveau Kilkenny Inn and an 1880s former-hotel at 576 Lonsdale Street.

572-574 Lonsdale Street is currently occupied by Paul Vale Criminal Law and Pica Criminal Lawyers, whilst the final building in the suite remains unoccupied. 

It is expected that these four buildings will make way for a high-rise mixed-use tower, continuing a trend that is seeing the transformation of King Street’s adult entertainment venues into apartment complexes.

Rialto Tower owners, Grollo Group and St Martins Properties, have been buying up many of the western CBD strip clubs and late night establishments in an effort to ‘clean-up’ the area’s image and introduce more high-end hospitality venues. In 2018 they snapped up the renowned Inflation Nightclub and in 2016 secured the site of the former Showgirls Bar 20.

Market sources connected with The Australian Financial Review place Daniel Wolman from Colliers International as the selling agent, however he has declined to make a comment.

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