This article is from the Australian Property Journal archive
A PRIME Malvern retail freehold has sold at auction for $3.21 million, $710,000 above the reserve price.
Fitzroy agents Chris Kombi and Geoff Emmett sold the 200sqm site at 100-102 Glenferrie Rd, which is improved by a 200sqm building.
They said there were six bidders competing for the property at auction.
The Commercial 1-zoned property was sold with a short-term lease to a bookshop.
Kombi said the property’s proven location along Glenferrie Road, undeniably one of Melbourne’s most sought after suburban strip retail centres, generated strong enquiry from investors, owner occupiers and developers.
Emmett said Malvern’s retail precinct provides a wide range of retail services including all major banks, national retailers as well as numerous local traders, restaurants, cafés and bars, anchored by a full-line Coles supermarket to the north and major department store David Jones to the south.
Australian Property Journal
