This article is from the Australian Property Journal archive
A GLEN Waverley retail property owned by the same family for more than four decades has changed hands for a whopping $18 million, setting the record for the area.
Ray White Commercial’s Ryan Trickey and Ben Ainsworth handled the sale of 251-261 Springvale Rd, and Trickey said the transaction has set a record price per sqm for the area in terms of the asset class and zoning.
“The 93-year-old owner ran a business there before retiring and leasing out the five shops.
“The family’s decision to sell was made after Ray White Commercial Glen Waverley took over the management of the fully leased property, which has tenants including a Salvos store and H&R Block,” Trickey said.
“We settled on this sales method rather than an auction because of the likelihood that competing buyers were likely to know each other. Private negotiation would be more strategic.
“We had received more than 50 inquiries and 19 offers on the property at the close of the EOI campaign,” he added.
The 1,549 sqm site has dual street frontages and mixed-use development potential for 10-plus storeys. Trickey said a project next door to the property has already been approved for construction. The 15-level Galleria development will include retail, office and residential space — all of which was quickly sold off the plan.
Also neighbouring the site just sold is The Glen Shopping Centre, which is undergoing a $490 million redevelopment.
Ainsworth said the property was one of the last available Commercial 1 Zone in-fill sites in a proven entertainment, retail and high-density residential precinct.
“We were directly involved with understanding the potential of the site and assisted the eventual purchaser,” he concluded.
Australian Property Journal
