This article is from the Australian Property Journal archive
MEMBERS of the wealthy Smorgon family are expecting around $22 million for a South Melbourne office building.
Richard Castan and Suzi Carp are looking to offload the 3,052 sqm, three-storey building at 17-33 Market Street, on the corner of Clarke Street.
Traffic camera technology company Redflex – which was taken over by $3.3 billion NASDAQ-listed company Verra Mobility two years ago – occupies two of the floors. The vacant top floor has been fully refurbished.
The building is on 1,146 sqm of land and has 29 car parks, and located close to the South Melbourne market and the suburb’s most recognised retail strip, Clarendon Street. It is also within walking distance to Albert Park Lake, Southbank, the Crown Casino entertainment complexes and the CBD.
It has a 4-star NABERs energy rating.
Castan and Carp paid $19.4 million for the property in 2017.
Lemon Baxter and Gorman Allard Shelton have the listing.
Elsewhere in South Melbourne recently, an eagle-eyed local owner occupier and investor holidaying in Europe snapped up the 1,025 sqm Clarke House building at 101 Clarke Street for $6.56 million after virtually both spotting and touring the asset, while Hyatt Hotels Corporation teamed up with property developer Holder East to announce Melbourne’s first Hyatt House hotel.
The bulk of leasing activity in Melbourne’s city fringe markets took place in South Melbourne and Collingwood in the first half of 2023, according to Knight Frank.
