Melbourne’s CBD is undergoing a chic makeover with French fashion house Chanel becoming the latest luxury brand to unveil a new flagship store there.

In a bold move, Chanel has relocated from its prestigious 209 Collins Street location to take over a historic four-level building on the corner of Russell Street and Flinders Lane. Originally purchased for $720,000 in 1980, the building that housed the Church of Scientology for 30 years was sold in…