GormanKelly is pleased to offer 185 Glenferrie Road, Malvern for sale by auction scheduled for Wednesday 28th May at 12pm onsite.
This in our mind, is a true blue chip investment in an absolute prime location with scope for further development (STCA).
185 Glenferrie Road, Malvern comprises a prominent two level standalone retail premises of 255.08m2 with a land area of 223m2, zoned Commercial 1.
The ground floor retail space of 158m2 is open plan and features an internal courtyard which provides a very rare element of natural light.
The property is leased to longstanding tenant Readings on a four (4) year lease with options and is currently returning $81,120 net p.a plus outgoings.
As of 2018, the tenant has agreed to surrender the first floor of 97.08m2 which will give the new owner scope to further increase rents by developing and utilising the space.
The property is located within Glenferrie Road, Malvern’s primary trading precinct between Union Street and Wattletree Road. Directly across from the Coles Supermarket & Vintage Cellars and surrounded by the major banks Commonwealth Bank, ANZ and Westpac this property occupies a prime location within the retail strip.
This sector of Glenferrie Road has been seen as the prime retail heart of the strip for over 100 years. This can be attributed to the abundance of car parking on both the East and West side of the Street as well as its location directly across from Winter Street which sees a high volume of traffic.
The site also benefits from the passing tram service, close proximity to Malvern train station and surrounding medical facilities which includes Cabrini Hospital.
