Glen Waverley shop with development upside trades for $7.35 million

The Glen Waverley property sold for $7.35 million last month.

A triple fronted shop in Glen Waverley’s retail centre (pictured top and right) sold for $7.35 million last month.

The 379 square metre building on a 379 sqm block at 55-57 Railway Parade North abuts the 15-storey Galleria apartment complex.

It also adjoins a council-owned car park connected to the Glen Waverley train station.

A laneway lined with nine shop at the back of the site links pedestrians from the station to The Glen Shopping Centre, about 100 metres away.

The Glen is undergoing a $500 million refurbishment which will add apartment towers of up to 20 storeys built into the airspace.

CBRE’s Rorey James, Jing Jun Heng and Chao Zhang marketed 55-57 Railway Parade North.

The asset is leased to IMB Bank but was offered with a demolition clause.

It is not far away from a shop at 15 Railway Parade North which celebrity chef George Calombaris and Made Establishment business partner George Sykiotis for $1.85 million in 2014.

That property (pictured, below) was flipped in 2016 for $2.62 million.

The Glen Waverley property celebrity chef George Calombaris co-bought in 2014 and sold in 2016.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco