Ex-Piping Hot owner takes haircut on South Melbourne office

The Clarke Street office is expected to sell for c$7 million.

Former Piping Hot owner and managing director, Mark Johannsen, has relisted a renovated South Melbourne office with a $3 million price cut.

Part of the 16 bay ground floor car park can be redesigned as offices or shops.

The executive is now expecting about $7 million for the three level building at 101 Clarke Street, on the north east corner of Ross.

A result in that range would still reflect a windfall – he paid Girl Guides Victoria $2.975m in 2007, and for a couple of years later, occupied it for Piping Hot.

Between 2009-2017 it was an investment, rented Redflex Traffic Systems.

Mr Johannsen last offered the property, renovated, in September, 2021 – a commercial property peak – with a c$10m guide.

Jones Real Estate’s Luke Peric and Paul Jones are running the latest campaign ending with an auction next month (story continues below).

The renovated South Melbourne office contains 1025 square metres.

101 Clarke Street

The Girl Guides paid $2.45m for 101 Clarke St in 2004, naming the asset the Joyce Price Centre, in honour of Lady Joyce Price, a 50-year supporter and the only Australian to serve two terms as World Association of Girl Guides and Girl Scouts chairperson, between 1975-1981.

With 1025 sqm of lettable area, 16 undercover car parks and end of trip facilities, the office has the potential to return annual net rent of $555,700.

On a 559 sqm Commercial 2 zoned site surrounded by taller buildings, the property also offers development upside.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.