Boutique office building with multi-storey development upside brought to market

16 May 2023

Colliers agents Alex Browne, Ted Dwyer, Andrew Ryan and Hamish Burgess have been exclusively appointed to bring a large freehold titled parcel of land with an office building on behalf of current owner occupier, Proctor Major, in the affluent and highly sought-after inner-east Melbourne suburb Malvern East.

The 370sqm property includes several portioned offices, a boardroom and ample open office space for collaborative working. Full end-of-trip facilities and natural light enter from the property’s front and rear, with an outdoor area accessible from the back of the building.

Colliers’ Associate Director of Investment Services, Alex Browne, said, “We are experiencing a large number of owner-occupiers purchasing mandates in the current market. Offerings like this are scarce, and we anticipate good interest from local businesses. Given the location, we expect strong interest from businesses in the fields of medical, education as well as office.”

“The asset is being offered with vacant possession, appealing to the occupiers looking to own instead of leasing, along with high-end, luxury mixed-use developers,” said Mr Browne.

The rare offering is also suited to a developer given the substantial value-add opportunity on the generously sized 836sqm lot with potential for redevelopment in an attractive Commercial 1 Zone (STCA).

Colliers Director of Investment Services Ted Dwyer said, “Malvern East is a proven location for high- end luxury mixed-use developments. With the prominent street frontage and rear access, this site possesses considerable development potential.”

The asset is prominently positioned on Waverley Road in the heart of Malvern East, a well- established suburb that offers an abundance of public transport, education facilities, hospitality and retail and parks.

With price expectations in the vicinity of $3.7m plus, 162-166 Waverly Road, Malvern East, is being offered for sale by Public Auction, which will be conducted on-site Friday, 2nd June 2023.