Strong Result For Magnificent Malvern Freehold

Posted on 24th August 2023

Well-located retail properties in Melbourne’s famous shopping strips are continuing to attract investors and owner-occupiers.

In the latest deal, Fitzroys Lewis Waddell and David Bourke sold 260 Glenferrie Road, Malvern for $1.65 million on a tight 4% yield and high building rate of $9,700 per sqm.

Waddell and Bourke generated more than 70 enquiries during the campaign, managed on behalf of local business partners that were long-term owners of the property.

Located in a high-profile spot near the intersection of Glenferrie Road and High Street, the well-presented double-storey building of 170sqm on a 220sqm site was offered with the ground floor leased to The Master Cobbler and the first floor leased to Malvern Psychology.

A local investor purchased the property.

“The purchaser intends to hold this as a long-term investment - they feel this part of Glenferrie Road will continue to evolve and become a stronger section of the street,” Waddell said.

“We had a mix of investors and owner-occupiers enquire given the upstairs lease is a month-to-month tenancy. Occupiers were typically health professionals wanting to operate from upstairs while generating an income from the lease downstairs.

“It’s always a further sign of confidence in a shopping strip when we see demand from owner-occupiers willing to set up their business in the location.

“We are continuing to well-located properties in Melbourne’s shopping strips attract strong attention from investors and owner-occupiers.”

Bourke said, “Glenferrie Road, Malvern supports the theory that a strong, established catchment leads to consistent performance of a shopping strip, having admirably weathered multiple challenges over the long term to offer a quality mix of local and national operators,”

The property is surrounded notable occupiers Coles, Dan Murphys, major banks, Subway, Etto, Noodle Box, Giorgio’s, 2XU, Grill’d, Schnitz and Yo-Chi.

Glenferrie Road, Malvern services one of Melbourne’s most affluent catchments and has developed a reputation of sustained tenant demand.