VIC

Alistair Walsh | 27 March 2013

Quirky Malvern art deco medical building still on the market with $1.5 million plus hopes

A quirky art deco building in Malvern, in Melbourne’s inner south-east, has passed in at auction and remains on the market.

The building, currently the site of an obstetrics and gynaecology clinic, has been held in the same hands for the last 30 years.

Kliger Wood agent Nick Breheny expected the property to sell for more than $1.5 million. It passed in on a vendor bid of $1.55 million.

The two storey brick structure on 214 square metres even features its own clock tower.

As well as possible rental potential the building has a small advertising sign that currently brings in $1900 per year.

Breheny says the building will most likely be bought by a potential owner-occupier or as an investment for consideration for mixed use conversion.

Co-agent Lou Montalti says it’s hard to gauge a rental yield as it most suits an owner occupier.

It comes with a 5.6 metre street frontage and is currently licensed for medical occupancy.

The property has is set up with a ground floor reception, two consulting rooms and toilet amenities.

On the first level there are four more consulting rooms and a kitchen and toilets.

“There are a number of options for this prominent building ranging from refurbishment and redevelopment with the permits secured, to leasing it out as the permit for use as medical consulting rooms remains in place,” Breheny says.

“This property enjoys a key location on the western side of Wattletree Road close to the Glenferrie Road corner with the immediate area providing an array of prominent retail, services and popular food outlets.”

Inside, the building features a striking spiral staircase.

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