Glen Waverley shop with development upside trades for $7.35 million
A triple fronted shop in Glen Waverley’s retail centre (pictured top and right) sold for $7.35 million last month.
The 379 square metre building on a 379 sqm block at 55-57 Railway Parade North abuts the 15-storey Galleria apartment complex.
It also adjoins a council-owned car park connected to the Glen Waverley train station.
A laneway lined with nine shop at the back of the site links pedestrians from the station to The Glen Shopping Centre, about 100 metres away.
The Glen is undergoing a $500 million refurbishment which will add apartment towers of up to 20 storeys built into the airspace.
CBRE’s Rorey James, Jing Jun Heng and Chao Zhang marketed 55-57 Railway Parade North.
The asset is leased to IMB Bank but was offered with a demolition clause.
It is not far away from a shop at 15 Railway Parade North which celebrity chef George Calombaris and Made Establishment business partner George Sykiotis for $1.85 million in 2014.
That property (pictured, below) was flipped in 2016 for $2.62 million.
