Heritage listed 333 Malvern Road, South Yarra has been sold for $17.05 million. Stonebridge Property Group agents Julian White, Chao Zhang and Rorey James lead the expressions of interest sale process.
The Property comprises a two-level commercial building, currently utilised as the Leonard Joel auction house and associated sales, storage, and administration.
Constructed in 1874, the Property was Primary School No. 1467 or the former Hawksburn Primary School (that also included some surrounding land). The design was completed by Crouch and Wilson and is a symmetrical polychrome brick building in the Gothic style.
The original school was remodelled in 1924, with an extension to the north-east side of the building. In 1994, the school was converted to auction rooms, representing its current use for the past 28 years.
The improvements comprise a total building area of 1,443.3sqm with 43 onsite car spaces. The sale shows a very strong building rate of $11,813/sqm and a yield of 2.43%. The tenant’s current lease term is until mid-2023, with a further three-year option.
Stonebridge National Partner, Julian White, commented on the broad range of buyer interest generated in the campaign “We received bids from occupiers, investors and developers, all who had a varied vision for what they are planning, navigating the heritage features of the property. Of the top four bidders, two were Melbourne based occupiers, a Sydney based investor and locally based Asian backed developer, highlighting this diversity.”
Whilst the identity of the buyer will remain confidential, Stonebridge have confirmed it is an occupier, who will move their business to the property once it becomes vacant.
The vendor was a syndicate led by Hickory Group founder, Michael Argyrou. The property was purchased in 2015 for $8 million.
