Tony Gandel – the son of billionaire shopping centre investor John – with his wife, Helen, are paying $6.15 million for the Armadale Antique Centre.
The single storey building on a 425 square metre Commercial 1 zoned site at 1147-1151 High Street is expected to make way for a mixed-use commercial building.
The purchase price reflects a 2.7 per cent yield.
Fourteen buyers contested, according to Fitzroys’ Chris Kombi and Chris James.
In August, an investor outlaid $11m – 32pc over guide – for adjoining shops covering 446 sqm at 180-182 Glenferrie Road, Malvern.
Armadale in high demand
The Gandels, via a company, Helant Pty Ltd, placed a caveat on 1147-1151 High St late last month (story continues below).
“Buyers across all profiles recognised the rare opportunity this site presented to buy in the heart of High St,” Mr Kombi said.
“Highly accessible sites near quality retail, hospitality and lifestyle amenity continue to be heavily favoured by developers, particularly during a period of more flexible working arrangements,” he added.
The Armadale Antiques Centre is near the c1910 building at 953 High St recently tenanted to high end butcher Victor Churchill.
It is also near a 114 sqm shop (#1039) leased to Oroton in August following what the agents said was a “bidding war” between four other fashion and cosmetics retailers.
Last year, Godfreys founders the Cohen family rented part of a near new mixed-use building to Accent Group for its first bricks-and-mortar Stylerunner store.
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