Another trophy Harry Norris hits the market in Melbourne
For the third time in two years, a striking Harry Norris building in Melbourne’s CBD has hit the market.
The six storey Art Deco Mitchell House office at the north west corner Elizabeth and Lonsdale streets, and shops around it, including Milledge House, are being offered by the family of late textile executive Henry Krongold who paid $1.5m in 1970.
Some $55m is expected this time around – the 1838 square metre amalgamation, diagonally adjacent to Melbourne Central offering significant development upside.
The airspace could accommodate more than one landmark skyscraper.
Alternatively, the fully leased properties, all up offering 4769 sqm and deriving income from multiple tenants, some which have occupied for decades, could continue being a passive trophy investment.
Cushman & Wakefield’s Leon Ma, Daniel Wolman and Oliver Hay are the agents.
The listing comes three months since Justin Hemmes outlaid a speculated $15m for a Harry Norris warehouse converted restaurant, Kantay House, at 12-18 Meyers Place, between Bourke and Little Collins streets.
Last July meanwhile a consortium including the Smorgon family offered the Nicholas Building at 31-41 Swanston St, also penned by the architect.
Outside of the CBD, Burnham Beeches, in Sherbrooke, also traded, last November, to a consortium, coincidentally again comprising the Smorgons.
Adam Garrison and chef Shannon Bennett were those sellers, the deal, worth $16.6m (story continues below).
Prime corner
Streamlined Moderne – an international style of Art Deco – Mitchell House was constructed in 1936 five levels shorter than planned.
Combined with Milledge House, the offering has 85 metres of street frontage.
It is just one of five privately held freehold corners on Elizabeth St, the agent said.
The listing comes two months since a consortium including music promoter Michael Coppel sold 333 Queen St, on the north west corner of La Trobe, to Malaysian investor Jimmy Goh for $35m.
Last November meanwhile V-Leader snared an amalgamation of low rise properties including the historic Continental Hotel at the south east corner of Lonsdale and Russell streets, for c$50m.
All up that holding spreads 1137 sqm.
Like the Krongold offering, that site can accommodate major skyscrapers.
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