1949 Malvern Road, Malvern East_SOLD

Dumbrell Buy-Up

Retired Autobarn founder Garry Dumbrell is continuing to build his impressive suburban office portfolio, securing a Malvern East asset before auction for about $8 million. The 1621-square-metre double storey office at 1949 Malvern Road, with frontage to Illowa Street, is configured as nine tenancies and a 47-bay basement car park. The asset, on a 1212-square metre L-shaped block about seven kilometres south-east of the CBD, has redevelopment potential once leases expire in 2022. It returns annual rent of $496,073. Gorman Commercial Managing Director, Stephen Gorman, who marketed the property for a private investor, said “Mr Dumbrell had strategically continued to buy one of the strongest portfolios of eastern suburbs office buildings he had seen. Two years ago, Mr Dumbrell paid $9.85 million for a Malvern East office at 1911 Malvern Road. Not long beforehand, he paid $10.3 million for an investment in Cotham Road, Kew.”

Published in The Age, Saturday 14 October 2017 by Marc Pallisco