Malvern’s Angel Tavern, together with eight adjoining retail and commercial properties were put to market to coincide with the Victorian Government’s initative to encourage development of Urban Renewal Precincts and Metropolitan Activity Centres.
The initiative was brought in to accommodate Melbourne’s growing population, which is anticipated to reach eight million people by 2050.
Colliers International’s Matt Stagg and Jeremy Gruzewski, with Gross Waddell’s Jonathan McCormack and Andrew Waddell, are appointed to the sale.
The properties occupy a high-profile location on the corner of Glenferrie Road and Dandenong Road, Malvern. The northern boundary directly neighbours Malvern train station, with direct pedestrian access.
The total underlying land area is about 4,720 square metres and is anticipated to achieve a sale price more than $45 million.
“Holdings of this scale in prime eastern-suburb locations are scarce, especially directly adjoining a major train station,” Mr Stagg said.
“It provides the opportunity to secure an Urban Renewal Precinct and transportation hub in a bluechip suburb.”
Malvern station is on the Pakenham line, about 10 kilometres east of the Melbourne CBD. Destinations include Richmond station (Melbourne Cricket Ground), South Yarra station (Chapel Street) and Caulfield station (Monash University and Caulfield Racecourse), through to the south-eastern suburbs.
The state government initiative highlighted the requirement to increase the supply of affordable and efficient housing around activity centres that provide residents easy access to jobs, retail, education and healthcare services.
It encouraged building near public transport networks that link with the $10 billion Melbourne Metro Rail Project was believed to be also vital in reducing traffic congestion and minimising Melbourne’s environmental footprint.
The Angel Tavern Urban Renewal Precinct benefits from flexible zoning and valuable air-rights, enabling a variety of mixed-use outcomes to be explored. Potential future uses include residential apartments, commercial, hotel and student accommodation (subject to town planning approval).
“The Angel Tavern is a high-profile Malvern hospitality venue that benefits from valuable gaming licences and a drive-through bottleshop,” Mr Gruzewski said.
“We anticipate it will be fully refurbished and repositioned as part of any future development.”