Occupier snaps up Malvern office

A Glenferrie Road office and retail building recently sold for a price valuing the land at $24,608 per square metre.

An owner-occupier has outlaid $10.15 million for a vacant, recently renovated office opposite Malvern station.

The deal for 17-23 Station Street (pictured, top) values the Commercial 1 zoned land at $10,442 per square metre.

The building contains 1223 sqm of lettable area and 31 car parks – the majority of which are in the basement.

Gorman Commercial’s Stephen Gorman and Jonathon McCormack were the agents.

The deal comes three months since a nearby two storey Malvern building – 180-182 Glenferrie Road – traded for $11m or 32 per cent over guide (story continues below).

With offices and shops, and opposite a Coles supermarket, that price valued the land at $24,608 per sqm.

Emmetts Real Estate’s Andrew Milligan, Charles Emmett and Geoff Emmett brokered that deal.

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Marc Pallisco

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