Agents collect a further $11.7 million selling down the Richter family property portfolio

The Northcote property will be retained as an investment after selling to a local.

Postscript: the entire portfolio has now sold. Read our story about the results, here.

The only commercial investment within an eight-property portfolio listed by a consortium of private investors, including the Richter family, sold today.

The Northcote warehouse at 171-175 High Street (pictured above and right) exchanged for $3.215 million.

It is part leased to Archibald Prize winning artist Marcus Wills.

At the southern edge of a popular retail strip, marketing agency Vinci Carbone promoted the redevelopment prospects of the 613 square metre block.

However, being tenanted to long-term occupiers – investors were on the radar too.

It sold to a local buyer who plans to retain the premises as an income generating asset.

The agents found investors for two more properties offered today as part of the portfolio:

  • A double storey block of flats on a large 1937 sqm parcel near the Glenbervie train station, at 7 Salter Street, Essendon (pictured, below), traded to for $5.2 million, and
  • A similar looking apartment complex on an 892 sqm plot at 42 Roseberry Street, in inner-city Ascot Vale, exchanged for $3.3 million.
The double storey apartment complex near the Glenbervie station in Essendon is under-utilising the 1937 square metre block.

Yesterday, Stephen Speck, Frank Vinci and Joseph Carbone sold three other properties for the same vendors: all medium-density residential assets, they traded for a total price of $10.6 million.

Tomorrow the agents will be hoping to make it eight out of eight – auctioning blocks of villa units at 24 Acacia Street, Glenroy and 104 Lynch Road, Fawkner.

The residential complexes were built between 1976 and 1986, then retained, by three families including the uncle and parents of prominent criminal lawyer Robert Richter QC.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
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