Kozminsky building on Bourke Street, Melbourne sold

A three-storey Bourke Street, Melbourne retail building, home for many years to jewellers Kozminsky, has been bought by the Giannarelli family for $7.6 million.

They are well known in Melbourne for its stonemason business.

Bidding began at $5 million from Grant Cohen, whose family own The Block arcade with the property called on the market at $6.5 million.

The corner 421 Bourke Street building, which dates back more than 150 years, last traded in 1976 at $295,000.

It was sold at a building rate of more than $25,000 per square metre.

It followed the closure of tenants, Kozminsky in March this year after 165 years in business. 

The building was listed by the Shaw family through CBRE.

The property was built as as a single-storey bluestone office for the stock and station agents Kaye Butchart & Co in 1859.

Bourke Street's last sale was earlier this year when the vacated home of Society restaurant sold for $8.07 million.

The vacant three-level building, listed as notable under city planning laws, was sold by the Codognotto family who had owned it since 1981.

The 23-29 Bourke Street premises sold through Gross Waddell's Raoul Salter.

The Italian-themed Society restaurant was first opened by immigrant Guiseppe Codognotto in 1924 closing just last year.