Investors, developers and owner-occupiers set to compete for prominent Malvern Road asset
A highly prized commercial investment in the heart of popular Malvern East is expected to attract interest from a deep pool of buyers.
Colliers International’s Peter Bremner and Ben Baines, in conjunction with Robert Kelly and Sandro Peluso of GormanKelly, have been appointed to sell 1911 Malvern Road in Malvern East by auction on July 23 at 12noon on-site.
The 2,315sqm, three-level office building, with 87 on-site car parking spaces, is situated on a 1,604sqm site and is currently fully leased. It returns a net income of approximately $717,091 per annum.
Mr Bremner said the property, which was expected to attract interest in excess of $9.25 million, would appeal to a broad range of buyers.
“Investors will be attracted to the fully leased nature of the building and blue chip Malvern location, whilst developers would benefit from the Commercial 1 zoning which allows future residential use (STCA),” he said. “There is a substantial apartment project under construction on the opposite corner, which sets the scene for development in the immediate area.
“Owner-occupiers will see the potential to buy the property now, with potential to move into the building as leases expire.
“This is a rare opportunity to purchase a multi-tenanted freehold office building in Melbourne’s tightly held Metropolitan office market with future development upside (STCA)."
Situated on a substantial Commercial 1 zoned allotment, the building is situated among an array of shops and cafes, has good access to public transport including Darling train station and is within close proximity to major arterials including the Monash Freeway.
“This three-level office building presents high quality office space with excellent natural light, an abundance of car parks and imposing street presence,” Mr Kelly said.
“The building is currently fully leased to two well established office tenants plus additional rooftop income from Telstra. The varying lease expiries allow for potential rental growth or for a future owner occupier.”