Swanson St’s historic Nicholas Building up for sale

Swanson St’s Nicholas Building is up for sale. But any development of the $80m site could be banned with Heritage Victoria recommending its state heritage listing be revamped.

Swanson St’s Nicholas Building, next to the new Town Hall Station, is up for sale by a group of wealthy Melbourne families.

A historic city building that hosts a vibrant arts scene could have its heritage protections strengthened.

Swanson St’s Nicholas Building, next to the new Town Hall Station, is up for sale by a group of wealthy Melbourne families.

But any internal development of the $80m site could be affected with Heritage Victoria recommending its state heritage listing be revamped.

The 1926, 10-level building, was constructed for the Nicholas family of Aspro fame.

Designed by architect Harry Norris, it’s considered an “imposing example of the grand

commercial palazzo of the 1920s”.

“The interior has retained many of the original finishes and decorative features

including tiling, terrazzo, marble, varnished timber and leaded glass,” said the statement by Heritage Victoria’s executive director.

“Of particular note is the street level arcade, with dome and fanlights. The shop fronts on the first floor are largely intact and also of great importance.”

Dubbed a “vertical community of artists”, the heritage recommendation said the building should also be recognised as a high-profile cultural hub for the arts and creative industries since the 1980s.

The Nicholas Building in 1964.

The Nicholas Building today.

Melbourne University urban and cultural heritage expert Dr James Lesh, who two years ago renominated the building for enhanced heritage protection, said the building had social value, like the MCG and Queen Victoria Market.

“The Nicholas Building is vital to artists, designers and creative industries,” he said.

“Many additional and unique architectural and design features of the Nicholas Building are also protected.”

“The new heritage listing makes it far more likely that the Nicholas Building will remain a hub of creative and community activity, because that’s what’s important about the place and needs to be conserved.”

The Toorak families who own the building, and members of the public will have 60 days to make submissions about the recommendation before a decision is made by the Heritage Council.

It’s believed that a local investment firm had been interested in buying the building under a social enterprise model that would allow the artists to stay there.

The building is in a prime location on the corner of Flinders Lane and next to Town Hall Station which is expected to open in late 2025 as part of the Metro Tunnel project.