Two-level Prime Corner Location in Malvern

Jonathon McCormack and Stephen Gorman of Gorman Commercial auctioned the two-level prime corner location building at 269 Glenferrie road, Malvern which sold under the hammer for $2,650,000 on a 3.75% yield to a local investor in front of a crowd of around 60 onlookers. A land rate of $12,740 psm was achieved with the property selling for $500,000 over reserve. Jonathon McCormack said, “The positioning of the property on three street frontages in the heart of the Malvern and Armadale retail shopping strip with an income of $99,400 pa attracted strong interest throughout the sale campaign.”