Harold Mitchell: Late ad guru’s $10m+ property portfolio getting broken up

The estate of late advertising guru Harold Mitchell is being forced to break up some of his extraordinary holdings as it works to sell a more than $10m property portfolio.

Mr Mitchell’s former home, a sprawling Spring St apartment that amalgamated several smaller titles, is understood to have already had a number of smaller elements sold.

Agents handling the sale of his former country retreat, another multi-title property, have revealed would-be developers are angling to do the same.

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But there was a bright spot last week with his former offices on York St, South Melbourne auctioned off for $2.7m — well above the $2m or so that had been expected.

The media-buying mogul was farewelled at a state memorial earlier this year with tributes from Prime Minister Anthony Albanese and Victorian Premier Jacinta Allan, after he passed away in February following complications from knee surgery.

Inside the Spring St apartments that Mr Mitchell owned.

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Mr Mitchell owned a number of properties in the building which are being broken up.

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The founder of Mitchell and Partners — at one time Australia’s largest media-buying agency — Mr Mitchell sold the business to UK-based Aegis for $363m in 2010.

He was also a renowned philanthropist and was on the boards of the Melbourne Symphony Orchestra and the National Gallery of Australia, with his efforts to support the arts leading to him being named Victorian Australian of the Year in 2013.

His estate was valued at about $60m when he passed in February, with a little more than $10m of that tied up across three properties.

Harold Mitchell AC and Nadia Taylor attend the New York Philharmonic’s Opening Gala in 2018. (Photo by Mike Coppola/Getty Images for the New York Philharmonic)

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Mr Mitchell’s former York St offices were listed for sale in September and sold late last week in a boardroom auction via commercial real estate firm JLL.

Listing agent Tim Carr confirmed the property sold under the hammer with five bidders registered, all but one of them planned to move their business into the site, but could not confirm details of the sale.

The offices in South Melbourne recently sold at auction for $2.7m.

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“But office assets have started to see a resurgence of confidence, particularly good quality ones,” Mr Carr said.

He noted that proximity to transport as well as off-street parking had appealed to all those looking to buy the property.

The Herald Sun also understands that Mr Mitchell’s opulent Melbourne CBD apartment at 201 Spring St, which once spanned all of level 11 and part of level 10, is now partially sold.

The property was initially listed with a $5.75m-$6.25m sales pitch by Kay & Burton’s Monique Depierre in June, and later updated to a $4.8m-$5.2m asking price.

It has since been removed from listing portals, with industry sources indicating it had not been sold in its entirety, and individual titles within the wider residence had changed hands.

Ms Depierre could not comment on any details regarding the listing or any sales.

Mr Mitchell’s farm property in Merrijig is also on the market.

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A look inside the property with its open plan kitchen and dining space.

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The wooden interior gives grand cabin vibes.

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Mr Mitchell’s former Merrijig farm has also just been relisted for sale after a winter hiatus.

The 2145-2149 Mt Buller Rd property spans 6505sq m, with extensive Delatite River frontage and three separate residences.

The adman bought the property in 2006, and expanded his garden with the purchase of a neighbouring address in 2011.

District Property Group director Jenny Gould said the property had initially hit the market in May, with early interest split between those looking at taking on the wider property — and builders planning to cut it up and develop.

“It’s a halfway mix of people looking to split it, but we would really like it to go to someone who really loves all of it,” Ms Gould said.

“There’s definitely not another property like this.”

In addition to a rare for the area flat riverside area, the property also has two residences with striking cedar timber interiors, and a managers office.

There are three residences on the property.

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Ms Gould said she was hopeful of a sale before Christmas, with multiple buyers requesting contracts for the property.

In 2016, The Australian newspaper reported that the property was where Mitchell first read his biography, Living Large, The World of Harold Mitchell, before it was published, and where he retreated to after his divorce from wife of 50 years, Bevelly.

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