The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
ResidentialStaff WriterSun 30 Aug 15

Private Investor Acquires Malvern East Office Building

1

A commercial property in the heart of Malvern East has changed hands following an influx of interest from a deep pool of buyers.

Colliers International’s Peter Bremner and Ben Baines, in conjunction with Robert Kelly of GormanKelly, have sold 1911 Malvern Road in Malvern East shortly after auction for $9.85 million.

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.

The property sold shortly after auction to an active private investor, Garry Dumbrell, who also acquired 17-27 Cotham Road Kew for $10.3 million at a March 2013 auction run by Colliers International and Gorman Kelly.

Mr Bremner said the strong sale of 1911 Malvern Road was reflective of the lack of supply in 2015 for quality suburban commercial office investments.

“The campaign was extremely well received, with in excess of 150 enquiries from a mix of local private, offshore and syndicate buyers,” he said.

“With a WALE of approximately 1.3 years, it was the underlying land, ripe for future redevelopment potential (STCA) and the underlet nature of the building that underpinned the eventual 7.28 per cent yield.”

Mr Kelly said the sale represented a rare opportunity to purchase a multi-tenanted freehold office building in Melbourne’s tightly held Metropolitan office market with future development upside (STCA).

"Investors were attracted to the fully leased nature of the building and blue chip Malvern location, whilst developers were drawn to 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."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.

The purchaser intends to carry out some capital works to the building to assist in securing new tenants in the future.

ResidentialOfficeAustraliaReal EstateDeal
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
The property giant’s strategic shift to higher density is in full flight as details of two landmark projects are made pu…
LATEST
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
2 Min
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/private-investor-acquires-malvern-east-office-building