Former home of Monaco consulate up for sale
The former home of the Consulate of Monaco in Melbourne, which has played host to dignitaries from around the world, is up for sale.
Albert House – named for the street it sits on and not HRH Prince Albert of Monaco, who found the property’s moniker quite amusing – was used for consular functions and representative events.
The two-storey building at 1 Albert Street in Richmond hosted dignitaries, including Australian three-time Formula 1 World Champion Sir Jack Brabham and the family of legendary New Zealand mountaineer Sir Edmund Hillary, the first man to summit Mount Everest with Sherpa mountaineer Tenzing Norgay.
Albert House served as the Consulate of Monaco for six years until its move to Monaco House in Melbourne’s CBD in 2007.
The property is owned by the Honorary Consul-General of Monaco, Andrew M. Cannon AM. Cannon developed the site from scratch and had a vision for what the building could be. The property can accommodate further development on the site (STCA), with potential for additional levels or a rooftop terrace.
Cannon was also behind the development of Monaco House, which has won multiple design and architecture awards.
Boasting triple street frontage, four covered car parks, bike racks and a block of 362 square metres, the property offers multiple options for owner-occupiers or investors.
The ground floor is leased until January 2027 at $55,166 per annum with a further five-year option, while the top floor is vacant.
Just steps from Richmond’s Church Street, the property is surrounded by some of the suburb’s best cafes, pubs and restaurants, as well as offering access by both car and public transport.
Director at Cushman & Wakefield, Anthony Kirwan, says the property offers immediate opportunities for growth as well as future development potential.
“It’s got excellent natural light, which not a lot of these buildings of this size do, and its extremely private,” says Kirwan.
“It’s just 50 metres off Church Street, which is probably the premier thoroughfare in the suburb. It suits small to medium business or family office who want the amenity of the location, but the privacy of not being on the main street.”
Kirwan said the property is attracting interest from both investors and owner-occupiers.
“The opportunity to purchase a private building like this and stamp your own identity on it with branding or whatever else is pretty rare, and you’ve got a tenant on the ground floor, so they’ll subsidise the mortgage. I think most likely it’ll go to an owner-occupier.”
The property is for sale by auction on October 31, 2025.
