02 Nov 2019

The Age Business: Saturday 2 November 2019

Developer Busy

Developer Andreas Angelatos has bought a new property, just as he gets ready to sell one of his old projects. Mr Angelatos paid $2 million over reserve last week to buy 617 Malvern Road, Toorak for $7.41 million.

Teska Carson agent Matthew Feld, who auctioned the property, said about 120 people were at the auction, including several high profile local developers.

Apparently, many of the crowd met the next day at an auction in Hawthorn where car dealer Nick Politis paid $11.2 million for a vacant office-warehouse at 20-24 Hall Street. The two-storey Toorak property, held for 35 years in one family, is on the corner of Mathoura Road and returns $158,224 a year, reflecting a tight yield of 2.1 per cent.

Mr Angelatos, who slapped a caveat on the property, is expected to develop a new mixed-use project on the site.