Andreas Angelatos leases office component of new Hawksburn investment

On the Toorak side of Hawksburn Village, the corner building has a small car park.

Melbourne developer Andreas Angelatos has found an occupier for the office component of a retail and commercial Toorak building he bought for $7.41 million at a fast paced auction, last October.

A psychotherapy and allied service practice has committed to the 120 square metre space at 617 Malvern Road for two years.

The annual rent of $35,000 includes two car parks.

Teska Carson’s Reece Israel leased the space, at the eastern edge of the Hawksburn Village retail strip.

Investment has major development upside

On a 471 sqm Commercial 1 zoned block at the north west corner of Mathoura Rd, 617 Malvern Rd is expected longer term to be redeveloped with a taller, mixed-use complex, likely above a basement car park.

Mr Angelatos paid $2m over expectation for the property – the auction attracting fresh bidding at $6.4m, so at $1m over the reserve.

Several suitors were still contesting beyond $7m (story continues below).

The result priced every sqm of land at $15,732.

Mr Israel said Hawksburn Village “is one of Melbourne’s most coveted, well patronised and best performing retail/commercial precincts” and for that reason “any leasing opportunity is normally well received by the market”.

“The property offered a very flexible office layout and abundant natural light due to its corner position, attributes that made it appealing to a wide range of potential tenants,’’ the agent added.

Toorak, considered Melbourne’s most exclusive suburb, is six kilometres south east of the CBD.

Last August, another local developer, Brendan Sullivan, acquired a two storey Toorak mised-use commercial investment at the northern-most T-intersection of Mathoura Road: 428 Toorak Road cost just over $8m.

Businessman and National Basketball League (Australia) owner Larry Kestelman also bought a residential development site in the suburb, spending over $9m on 300 Williams Road, opposite Como House (which is on the South Yarra side of the street).

At the north west corner of Mathoura Road, 617 Malvern Road, Toorak, is about six kilometres south east of the city.

Share or Recommend article

Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco