After more than 50 years two freehold properties on a prominent Elizabeth/Lonsdale Street Melbourne corner have been offered for sale through Cushman & Wakefield. Mitchell House and Milledge House sit on a block of over 1,800 sqm, with a frontage of 85 sqm in the city’s ‘Golden retail core’.
Mitchell House is a five-and-six-level, Art Deco office building built in 1936 in the Streamlined Moderne style designed by architect Harry Norris. It has seven ground-floor shops over two frontages, plus a two-storey building with a ground-floor shop. Tenants include Shaver Shop, Cashmere Cat Café, Aussie Disposals and numerous small commercial tenants on the upper levels. The building area is 4,660 sqm.
Next door is Milledge House at 287-289 Elizabeth Street. The building is a two-storey, rendered brick and bluestone building with a ground-floor showroom. It has a net lettable area of 518 sqm comprising 146 sqm of office space and 372 sqm of retail space; it is currently occupied by a convenience store.
Mitchell House last traded at $1.5 million in 1970 and Milledge House at $406,650 in 1972. Price expectations for the current sale are in the vicinity of $55 million plus.
CoreLogic Australia