Malvern Corner Development Opportunity 1227-1229 Malvern Road, Malvern Expressions of Interest closing Wednesday 17th May at 2pm
Blue chip corner development opportunity in one of Melbourne’s most affluent locations
1227-1229 Malvern Road (corner Acre Place)
Malvern
Introduction
Gorman Allard Shelton is pleased to offer for sale 1227-1229 Malvern Road, Malvern by Expressions of Interest closing Wednesday 17th May at 2pm.
This prominent corner site, with dual two frontages, provides purchasers with the opportunity to occupy, value-add or develop in one of Melbourne’s most affluent locations.
Key features of the property include:
• Land Area: 667 sqm*
• Excellent opportunity to deliver a high-end boutique mixed-use development
• Suit residential, medical and a variety of development outcomes (STCA)
• General Residential Zone –Schedule 1
• Combined frontage of 54 metres (Malvern Rd – 19m & Acre Place 35m)
• Substantial improvements with seven (7) on-site car parks
*approx.
We strongly recommend this property for your consideration.
For further details or to arrange an inspection, please contact the exclusive agents:
Jonathon McCormack 0418 835 885
jmccormack@gormanallardshelton.com.au
Tom Maule 0401 636 049
tmaule@gormanallardshelton.com.au
1227-1229 Malvern Road Malvern 4
Executive Summary
Prime corner development site opportunity in the heart of Malvern
Total Area 667
Square metres*
Frontage to Malvern Road 18.97 Metres*
Zoning
General Residential ZoneSchedule 1
Location
Located just east of the corner of Glenferrie and Malvern Road and surrounded by public transport options.
Frontage to Acre Place 35.18 Metres*
*approx.
Agents
Jonathon McCormack 0418 835 885
Tom Maule 0401 636 049
1227-1229 Malvern Road Malvern 7
Located on the corner of Malvern Road and Acre Place, the subject property benefits from all that this prestigious residential location has to offer
Location
The area benefits from an abundance of retail and shopping destinations including Malvern Village, Glenferrie Road Malvern, Malvern Central, High Street Armadale retail and Kooyong Village. In addition, the immediate area is underpinned by some of Melbourne’s most elite private schools such as Lauriston Girls School and Loreto Mandeville Hall.
The surrounding location is also home to the likes of important public services including Cabrini Hospital, Harold Holt Swim Centre and Malvern Town Hall.
Furthermore, it is well serviced by public transport services such as Malvern/Glenferrie Rd tram lines, Kooyong train station and Tooronga train station and benefits from being within walking distance to a number of parks such as Spring Road.
1227-1229 Malvern Road Malvern 9
Site Details
Commanding a prime corner position on Malvern Road and Acre Place on a 667 sqm* north facing allotment, this site features a former bakery shopfront, adjoining offices and two free-standing studios comprising multiple offices, meeting rooms plus seven (7) on-site car parks.
Title Details
The land is contained within Certificate of Title Volume 02839 Folio 761 being Lot 1 on Title Plan 405351A.
Zoning
The land is zoned General Residential - Schedule 1 (GRZ1) under the City of Stonnington Planning Scheme.
Land Area & Dimensions
The site benefits from the following land dimensions:
Malvern Road 18.97 metres*
Acre Place 35.18 metres*
Rear boundary 18.97 metres*
Eastern boundary 35.18 metres*
Total Land Area 667 sqm*
*approx.
1227-1229 Malvern Road Malvern 10
Tenancy Details
Lease Summary
The property is currently leased to three tenants with the main commercial terms of each lease summarised below:
Premises Units 2, 3 & 5, 1227-1229 Malvern Road, Malvern
Lessee Jan Seeley & Paul Boston ATF Stone Cloud Trust
Commencing Rent $94,500 pa plus GST and outgoings
Rent Reviews CPI reviews, market review at option renewals
Lease Term Three (3) years
Commencement 15th April 2021
Expiry Date 14th April 2024
Options One (1) further three (3) year option
Redevelopment Clause
The Landlord has the right to give the tenant 6 months’ notice prior to the beginning of the final option being 15 August 2023, that the Tenant is required to vacate the property due to planned demolition and the Tenant cannot object or claim any compensation, damages or initiate any action in relation to same.
Premises Unit 4, 1227-1229 Malvern Road, Malvern (Residential Tenancy)
Rental $1,950 per calendar month plus GST
Rent Reviews 3% annual increases, market review at option renewal
Lease Term One (1) year
Commencement 17 February 2023
Expiry Date 16 February 2024
Unit 1 is currently being leased by Spaces Design Group, with a rental income of $8,181 plus GST.
Income Summary
Unit 2, 3 & 5 $94,500 pa + GST
Unit 4 $23,400 pa + GST
Unit 1 $8,181 pa + GST
Estimated Net Income* $126,081 pa + GST
Sale Process
Method of Sale
1227-1229 Malvern Road, Malvern is to be offered for sale by Expressions of Interest closing Wednesday 17th May 2023 at 2pm.
Terms of Sale
The terms of sale are 10% deposit payable upon signing the Contract of Sale, with the balance payable in 60/90 days.
Inspections
By appointment with the Selling Agents.
Agents
Jonathon McCormack 0418 835 885
jmccormack@gormanallardshelton.com.au
Level 1, 415 Riversdale Road
Hawthorn East VIC 3123
gormanallardshelton.com.au
03 9811 4222
Tom Maule 0401 636 049
tmaule@gormanallardshelton.com.au
1227-1229 Malvern Road Malvern 14
DISCLAIMER
The information contained in this report is published by Gorman Allard Shelton Pty Ltd to assist potential purchasers in deciding whether or not they wish to make further enquiries with respect to the property and should not be used for any other purpose. It is not intended that any of the information contained in this report will constitute any representation or offer by the Vendor or by Gorman Allard Shelton Pty Ltd. On contrary, prospective purchasers should obtain their own advice and make their own enquiries to satisfy themselves as to the correctness of the information. In particular, all prospective purchasers should check and independently verify all descriptions, dimensions, references to conditions and necessary permissions for use and occupation and any related statements. Information in this report which has been provided to Gorman Allard Shelton Pty Ltd by others is passed on to prospective purchasers without any steps having been taken to independently verify the information and accordingly Gorman Allard Shelton Pty Ltd gives no warranty to its accuracy. This report is provided to the recipient on a confidential basis and is not to be re-supplied to any other person without the prior written consent of Gorman Allard Shelton Pty Ltd. The content of this report and the contract documents may be varied by subsequent versions. On the day of Sale prospective purchasers should check that they are satisfied with all documentation.
