Glen Waverley vendor sells $100,000 property for $18m

Christmas has come early for a Glen Waverley vendor whose tightly-held commercial property has gifted him $18 million.

Ray White Glen Waverley managing director Ryan Trickey said the 93-year-old bought the property 40 years ago.

Trickey says he paid about $100,000 for it at the time and used to work the shop floor at 251-261 Springvale Rd.

Commercial Insights: Subscribe to receive the latest news and updates

The eight-figure cash splash means the property grew about $1226 a day since it was purchased.

“He used it to sell white goods back in the day; the store would’ve been like a Harvey Norman,” Trickey says.

“At the time the area was a huge growth corridor, you could’ve bought a half-acre block.”

He says the sale of the 1549sqm site is significant for the area.

“To get a site of this size, in this location, you’d need to get several shop owners to agree to sell,” he says.

The property has been held by the same owner for 40 years.

“That’s very difficult when they all have different beliefs as to how much their property is worth.

“Commercially, for something this large to have a single owner is very uncommon.”

Trickey says the eye-watering deal was done in just 40 days, only slightly longer than a standard residential auction campaign.

“There was a very strong level of inquiry,” he says.

Trickey expects it will make way for a mixed-used development of offices and apartments.

He says it will not be developed for some time due to existing tenancies at the site.

This article from Leader Newspapers was originally published as “Glen Waverley vendor cashes out with $18 million”.