LAWD has continued its run of record-breaking sales in Melbourne’s residential property market, with the announcement of Cbus Property’s purchase of Riverside Richmond – a one-hectare premium land parcel on the Yarra River.
Listed for sale for the first time in 44 years, the 10,040sqm, Commercial 1 Zoned site at 43-67 River Street, Richmond was offered with preliminary concept plans for a mixed-use project for 169 luxury apartments and 10 townhouses, with 322 residential car spaces.
Currently occupied by NHP Electrical Engineering Products, LAWD’s Lukas Byrns, Paul Callanan and Peter Sagar were exclusively appointed by the Vendors to sell the Richmond site through an EOI process in March this year. Michael Jackson of JACX Property and Tom Byrnes of Charter Keck Cramer acted as Transaction Advisors for the sale.
Mr Byrns said the campaign attracted interest from a wide range of buyers given its proximity to the city and exceptional location.
“A hectare of land with more than 100 metres of Yarra River frontage just three kilometres from the city is very rare,” Mr Byrns said.
“Riverside Richmond drew strong interest from developers seeking build-to-sell, build-to-rent and retirement complex opportunities at a very unique site.
“We congratulate the Vendors on the successful sale and Cbus Property on its purchase.”
Mr Byrns said the influx of enquiry indicates developers are anticipating a rapidly improving market in the next 12 months, in what will become Australia’s largest city.
“This site represents one of Melbourne’s most significant, large-scale, mixed-use development opportunities and the strong interest expressed throughout the sale process from high quality developers indicates a clear strengthening in the city’s residential property sector,” Mr Byrns said.
“While Melbourne’s property market is still the most undervalued of all Australian capital cities, initiatives such as the State Government’s Development Facilitation Process are expediting planning approvals and fuelling investor confidence, which is great news not only for the market, but for addressing the housing supply issues and for growing the broader economy.”
