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.
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.
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.