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A PRIVATE investor has secured a hotly contested property in Malvern East with a bid of $9.85 million at auction.
Garry Dumbrell secured the three-level office building at 1911 Malvern Road which had attracted more than 150 enquiries from a mix of local private, offshore and syndicate buyers during the sale campaign.
Colliers International's Peter Bremner and Ben Baines negotiated the sale alongside Robert Kelly of GormanKelly.
Kelly says the property drew strong interest because of its multi-purpose nature and the potential for redevelopment.
"Investors were attracted to the fully-leased nature of the building and blue-chip Malvern location, whilst developers were drawn to the Commercial 1 zoning which allows future residential use," says Kelly.
"There is a substantial apartment project under construction on the opposite corner, which sets the scene for development in the immediate area."
The property, situated on a 1604sqm site, has been sold on yield of 7.28 per cent with a net income of more than $717,000 per annum.
This is the second sale made by Colliers in partnership with GormanKelly to Dumbrell, who also acquired a $10.3 million at Kew in 2013.
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