Change of marketing strategy sees Pearse family offload Richmond holding after 60 years

A 1940 Hudsons price list held by Museum Victoria.

EXCLUSIVE

The Pearse family has finally sold a T-shaped super-site of two neighbouring blocks near the busy corner of Church and Highett streets in Melbourne’s inner east Richmond.

Offered for sale late last year as a whole – where it bombed at auction – the vendors appointed Savills’ Nick Peden, Jesse Radisich and Mark Stafford to re-market it, in September.

The latest campaign promoted the subdivided lots separately.

Covering a total area of 1021 square metres, they are selling to two buyers:

  • 137 Church Street and 213 Highett Street (both pictured, below) – a 560 sqm L-shaped plot zoned Commercial 1, containing warehouse buildings which can be occupied, is trading to an investor, and
  • 8 Somerset Street – a 461 sqm rectangle-shaped block on General Residential 2 land has been snapped up by a builder.

The undisclosed sale price for the entire holding is speculated to be circling about $4.5 million.

Ending this Richmond era took 22 years

The Pearse family owned hardware outlet and importer, Hudson Stores, in the city, between 1920 and 1987.

The Richmond properties, which were acquired for owner-occupation in 1959, were originally a hat box factory then a bakery.

The vendors occupied the buildings to store shop items and farming goods.

Interestingly, the properties were retained largely untouched (ie, not rented out/used as investments) for 22 years prior to 2009.

Zoning meant two buyer types could consider the properties

Upon taking on the listing, Mr Peden said the agency advised the vendor to market the properties separately.

Given the zonings, the larger block could be considered for a high-density mixed-use project.

The smaller lot was ideal for a townhouse development, Savills promoted.

The holdings are opposite Citizens Park, a block from the Bridge Road retail strip, which is serviced by trams.

Richmond is seeing a wave of major new development amongst them an 11-storey hotel, being developed by Brady Group, and set to be occupied by Accor, at 203-207 Bridge Road.

The sites (shaded) are about two kilometres east of the Melbourne CBD.
The 137 Church Street site (above) and 213 Highett Street (below) occupy Commercial 1 zoned land – meaning they could make way for a high-density redevelopment.
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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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