Val Morgan: Family of film advertising boss sells East Melbourne apartment

The children of the late film advertising don Val Morgan listed his 5/58 Clarendon St, East Melbourne, in February.

An East Melbourne apartment that belonged to late film advertising boss Val Morgan has sold for $5m.

The three-bedroom apartment at 5/58 Clarendon St was on the market with a $5.25m price guide through Christie’s Prestige Homes agent Sean Cussell.

Local downsizers snapped up the 275sq m pad, which occupies an entire floor of the enviably-situated inner-city residential block.

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It recently sold to downsizers for $5m.

Christie’s Prestige Homes agent Sean Cussell said the buyers intended to renovate.

The sale represents an approximate property value of about $20,000 per square metre, Mr Cussell said.

Floor-to-ceiling windows soak in views of the surrounding suburbs and the nearby Fitzroy Gardens, and Mr Cussell earlier told the Herald Sun Morgan and his wife, Inge, had loved the apartment’s location near theatres and the CBD’s night-life so much that they bought it back in 2006 after initially selling it in 1997.

Mr Morgan initially sold the penthouse in 1997 only to buy it back almost a decade later.

It occupies an entire level of the building.

Morgan’s children listed the residence in February.

Mr Cussell said penthouses were in hot demand among buyers with deep pockets and the property’s sprawling floorplan was a big drawcard.

“(It) reflects about $20,000 per square metre for an unrenovated apartment … that’s usually what you’d get for a brand new apartment,” Mr Cussell said.

Melbourne’s theatres and night-life are within walking distance.

The buyers intend to add further value to the property through renovations.

Features include open-plan living and dining areas, a built-in bar, a formal lounge and two car spaces.

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A view from the loo.

The property also has spectacular views of the nearby Fitzroy Gardens.

It also has a home office, two bathrooms and a balcony with panoramic views of the city skyline.

Morgan took over the running of the family’s advertising business from his father, William Morgan, who inherited it from his father, the first Val Morgan, who launched the company in 1914.