Melbourne’s oldest bookshop, The Hill of Content in limbo days after auction cliffhanger
Auctioneer Paul Tzalmalis at 86 Bourke Street, Melbourne. Picture: David Bonaddio.
The fate of Melbourne’s longest-serving bookshop is still unclear days after its auction ended in a cliffhanger.
The heritage-listed home to The Hill of Content went under the hammer on March 7 with the prospect its title could change hands for the first time in more than 70 years and put its future in question.
JLL Melbourne executive director Josh Rutman confirmed this week that negotiations for the site continue with several parties, but it is expected to change hands in the coming days.
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The statement follows an auction on Thursday last week in which the three-level freehold at 86 Bourke Street, Melbourne, passed in at $5.7m after a $5m opening bid.
Five bidders registered to compete in front of a large crowd, and in its aftermath Mr Rutman said the owners were considering their options given they had owned it for more than 70 years.
Auctioneer Paul Tzalmalis from JLL said the building was a rare opportunity for buyers to own in a tightly held piece of the city’s east-end precinct.
‘Hill of Content’ bookshop. 86 Bourke Street, Melbourne, VIC 3000 Picture: RealCommercial. JLL – Melbourne
“There are only four properties in the Bourke Hill precinct that have come on the market in the last 10 years,” Mr Tzalmalis said.
“This building has been known to so many of us.”
Despite its pedigree, the bookstore’s future was called into question as advertising for the sale indicated it offered a “rare opportunity to occupy, invest or redevelop”.
The shop is currently occupied by Hill of Content Bookshop, which is run by Duncan and Diana Johnson.
‘Hill of Content’ bookshop. 86 Bourke Street, Melbourne, VIC 3000 Picture: RealCommercial. JLL – Melbourne
In a joint statement on Facebook last month, they said they would do everything possible to keep the beloved bookshop in its current location.
“86 Bourke Street has been owned by one family for 75 years, and the elderly owners now wish to sell it, which is their prerogative,” they said.
“While we don’t necessarily agree that any new owners won’t want us to stay – and we hope we can negotiate with whomever purchases the building – we are also actively searching for another location should we need to move.
“Hill of Content is an intrinsic part of the Melbourne landscape. Opened in 1922, the entire building is heritage listed, as well as individual features such as the staircase inside. We believe Hill of Content and the beautiful building go hand-in-hand, and together would be an asset to any future purchaser.”
Statement from Duncan & Diana Johnston owners of Hill of Content Bookshop.
The auction was among the first notable tests of Melbourne’s CBD retail market in 2024.
In February, JLL released retail market research showing that across 2023 leasing demand for most retail types was flat, with rental increases also relatively slim at 0.1-0.2 per cent in the final quarter of the year.
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