Mitchell’s Emerald House changes hands
After a comprehensive international sales campaign, high profile advertising identity Harold Mitchell AC has sold his former headquarters in South Melbourne. The property which is fully leased to Denstu Aegis until 2020 was previously occupied by Mitchell’s media company Mitchell Communications Group until it was acquired by Japanese media giant Denstu in 2013.
Affectionately known as Emerald House, the property features a net lettable area of 5,101 sqm, 112 basement car spaces and is one of the few A-Grade office buildings in the South Melbourne commercial precinct which until recently consisted of older style, low rise office accommodation.
It is understood that a range of private and institutional players competed for the asset, with a local private investor paying $49,000,000 and setting a new benchmark for an established office building in the Melbourne city fringe, reflecting a capital value rate of over $9,600/sqm.