Angel Tavern and eight neighbourhood properties in Melbourne listed for $45 million
Malvern’s iconic Angel Tavern, together with eight adjoining retail and commercial properties, has been listed for sale with price expectations of more than $45 million.
The properties are for sale via an international expressions of interest closing May 11.
The tavern is located on the corner of Glenferrie Road and Dandenong Road, Malvern, close to Malvern train station. It has a gaming licence and a drive-through bottleshop.
The total underlying land area is about 4,720 sqm.
The listing agents are Colliers International’s Matt Stagg and Jeremy Gruzewski, and Gross Waddell’s Jonathan McCormack and Andrew Waddell.
“Holdings of this scale in prime eastern-suburb locations are scarce, especially directly adjoining a major train station,” Stagg said. “It provides the opportunity to secure an Urban Renewal Precinct and transportation hub in a bluechip suburb.”
The offering comes at a time when the Victoria government is encouraging strategic development of Urban Renewal Precincts and Metropolitan Activity Centres throughout metropolitan Melbourne to accommodate the city’s growing population, which is anticipated to reach eight million people by 2050.
The government initiative includes increasing the supply of affordable housing around activity centres that provide residents easy access to jobs, retail, education and healthcare services.
Building near public transport networks that link with the $10 billion Melbourne Metro Rail Project is also vital in order to reduce traffic congestion and minimise Melbourne’s environmental footprint, according to a media release.
Stagg said there was excellent potential to activate the streetscape and create a safe pedestrian thoroughfare linking Dandenong and Glenferrie roads with Malvern station.
The Angel Tavern Urban Renewal Precinct has flexible zoning and valuable air-rights, that allow for a variety of mixed uses, such as residential apartments, commercial, hotel and student accommodation (subject to town planning approval).
“Malvern is one of Melbourne’s most exclusive suburbs with a median house price of $2,300,000,” McCormack said.
“However, there is a dramatic shortage of premium owner-occupier apartments and townhouses for affluent down-sizers who wish to continue living in Malvern once they have sold the family home.”
He said projects such as Lend Lease’s successful Toorak Park at 590 Orrong Road in Armadale, which directly adjoins Toorak station, was an indication of the possibilities in store for the Angel Tavern and the block of properties on sale.
The Angel Tavern plus the eight properties generate a solid holding income, said the listing agents. Vacant possession is readily available via aligned lease expiries and termination clauses.