Small Prahran apartment block fetches $2.52 million

A small block of flats in Prahran – on the South Yarra border – sold at auction last week for $2.52 million.

The two-storey building with two dwellings sits on a 400 square metre Mixed Use zoned site at 348-350 Malvern Road.

A similar sized block next door – 352 Malvern Road – has recently made way for a five-storey apartment building with ground floor retail.

The site (outlined) is on the southern side of Malvern Road, which is zoned Prahran. Blocks across the road, including the former Hawksburn State School now occupied by auction house Leonard Joel, are classified as South Yarra.

Opposite both sites is the historic and heritage protected former Hawksburn State School which is tenanted to auction house Leonard Joel until 2026 (members of the Joel family sold this 3105 square metre South Yarra site at 333 Malvern Road to a local investor for $8 million in 2015).

Gorman Commercial’s Jonathon McCormack and Stephen Gorman marketed 350 Malvern Road.

The brokers promoted the block’s potential to make way for a residential and office development.

The sale price reflects a 2.2 per cent yield.

The double storey building contains two apartments.

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Marc Pallisco

Marc Pallisco

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

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