Malvern shops smash reserve

The Malvern properties (marked) sold for $11 million.

A local investor has paid $11 million – 32 per cent over guide – for two adjoining shops in Glenferrie Road, Malvern.

The double storey properties – both with upstairs offices – contain a total lettable area of 700 square metres.

Oreana recently purchased 169-175 Toorak Road, South Yarra (outlined).

The sale price values every sqm of land at $24,608.

It also reflects a 2.37pc initial passing yield; three of the eight tenancies are vacant.

180-182 Glenferrie Road

Emmetts Real Estate’s Andrew Milligan, Charles Emmett and Geoff Emmett said 38 suitors registered for the online auction of 180-182 Glenferrie Rd.

At the north east corner of Winter Street, the property has 70 metres of road frontage.

It is opposite a large car park and Coles supermarket – the strip’s anchor tenant.

Sushi Sushi recently signed a seven year lease paying starting annual rent of $1230 per sqm.

Winter Café, held by the Only Hospitality Group, occupies another tenancy, as does Here Yoga and About Sight Optometrists (story continues below).

The fully leased income is c$425,000.

Strips in demand

The Malvern deal comes three months since Oreana paid $13.15m – reflecting a 2.2pc initial net return – for a row of four South Yarra shops, next door to a major commercial building it acquired not long earlier.

In March, a soon-to-be-vacated Westpac branch in Glenferrie Rd, Hawthorn, traded for $11.5m – more than 10pc over guide.

Late last year 299-301 Chapel St, Prahran, found favour with an offshore investor who paid $12.5m – or $19,841 per sqm of land.

A similar rate ($19,035 per sqm) was achieved for the neighbouring shop – #291.

Coincidentally, Emmetts struck all these sales.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of