A local investor has purchased a vacant corner building at 334 Malvern Road, Prahran located between the Chapel Street and Hawksburn Village retail precincts for $1.45 million.
The sale price reflects a building rate of $10,902/sq m for the two level 133sq m property and land rate of $12,083/sq m.
The deal was negotiated by Julian Heatherich and Benson Zhou of Savills Australia who said “With Victoria emerging from lockdown restrictions and confidence returning to the market, we are continuing to see an uplift in enquiry across all classes of commercial property.”
Mr Heatherich went on to say that “This sale itself is the beneficiary of that. Although we’ve seen a substantial volume of property transact during lockdown, achieving a strong result for a small vacant corner shop a few month ago was challenging.”
Learn more about Savills Metropolitan & Regional Sales.