Leonard Joel's South Yarra auction rooms sold
Jonathan ChancellorDecember 7, 2020
Melbourne's longtime Leonard Joel auction rooms at South Yarra has been sold to a Melbourne investor/developer.
The 3,105 square metre freehold site at 333 Malvern Road fetched $8 million.
A $320,000 per annum lease with art auctioneer John Albrecht runs until June 2017 with subsequent renewal options.
The remainder of the corner site is zoned for potential residential use
It sold through Russell Meerkin of Kliger Wood on behalf of Warren Joel and family
The auction business was founded by Warren Joel’s grandfather Leonard in 1919.
The direct Joel family involvement in the auction business concluded some years ago when operation of the auction business passed to John Albrecht.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
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