Brunswick market: Aesop founder relists retail precinct formerly owned by Tony Mokbel
The historic Brunswick Market on Sydney Rd, once owned by Tony Mokbel, is up for sale for the second time in two years.
It’s looking like a case of second time lucky for the Brunswick Market’s part-owner – beauty and skincare giant Aesop’s founder Dennis Paphitis – after the site was relisted.
Until the 1990s, it was owned by former drug lord Tony Mokbel.
Mr Paphitis and his fellow owners, Canberra-based builders the Molonglo Group, put the retail space at 655-661 Sydney Rd and 50-52 Breese St, Brunswick, up for sale in 2022.
At the time, industry sources indicated the asking price was about $18m-$18.5m, but the address was withdrawn from the market.
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However, following its relisting earlier this year, JLL and Colliers are now going through offers they received for the commercial-zoned property via an expressions of interest process that recently closed.
JLL’s director of capital markets – Victoria, Jesse Radisich, declined to comment on the new price tag but the Herald Sun understands it is above $15m.
Tony Mokbel is a former owner of the Brunswick Market.
Mr Radisich said buyers have submitted about eight offers for the Brunswick Market.
Up to five of the offers, most from local purchasers, have made it to the second round of bidding.
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“There was a mix of groups looking at the existing building to re-purpose the inside and to potentially occupy it themselves and developer interest too,” Mr Radisich said.
“It’s a positive story for the overall market to see that depth of bidding and interest.”
There are eight offers on the table for the retail precinct.
Mr Paphitis started Aesop in his Armadale hair salon when started blending essential oils into hair products, in 1987.
Decades later, he sold the brand to Brazilian cosmetics company Natura & Co which was also the Body Shop’s then-owner.
Last year, industry major player L’Oreal paid US$2.5bn ($3.7bn) to acquire Aesop.
The label is sold in almost 400 stores worldwide.
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