Glenferrie Road, Malvern commercial property sells for $1.32 million at auction

A two level, freehold property at Malvern in Melbourne’s inner-east has sold for $1.32 million at auction.

A private Melbourne investor outbid five others for the 17 Glenferrie Road property, which had the same owner for 30 years.

The two level, 197 square metre building is on a 192 square metre site, with five metres frontage to Glenferrie Road and rear access to on-site parking. It is zoned Commercial 1.

According to marketing agents, Teska Carson’s Tom Maule and Adrian Boutsakis, they received more than 100 pre-auction enquiries from a mix of owner-occupiers, investors and developers, and 30 bids from a crowd of 60 plus.  

They claimed that the response reflected the high demand for properties in a tightly held precinct

“Glenferrie Road, and Wattletree Road, Malvern is a well-known and strongly performing retail precinct, including the David Jones and Woolworths anchored Malvern Central Shopping Centre, major banks, and national and international food chains, along with numerous restaurants and fashion boutiques,” Maule said.

“Properties on the market within this precinct, when they do become available, always attract a high level of interest from a broad range of buyers and this was no exception.”

Boutaksis said the property offered the potential for multiple tenants and dual income streams, in an location only seven kilometres from Melbourne CBD.

The property was sold with vacant possession.