A former bank beside Richmond Town Hall has been purchased by interests associated with Chemist Warehouse, with plans to occupy.
The double storey property, 335-341 Bridge Road, at the north west corner of Gleadell Street, collected $8.3 million.
Much of the 685 square metre space was recently vacated when National Australia Bank relocated to an ex-ANZ branch in the suburb, covering 452-460 Church St and 230 Swan.
Australia Post still occupies – on a lease expiring in 2023.
When the Bridge Rd property was listed mid-year, it was returning annual rent of $285,000.
335-341 Bridge Road, Richmond
On a 704 sqm Commercial 1 zoned site, 335-341 Bridge Rd property was offered with a scheme, but not a permit, for a 14 storey apartment building over ground floor retail.
Teska Carson’s George Takis said the expressions of interest campaign, managed with Larry Takis, attracted developers, investors and other owner occupiers.
Chemist Warehouse currently trades from a property across the road – 300 Bridge Rd (story continues below).
In 2019, its owners outlaid c$12m for Kindness House, an office and retail building in the heart of the Brunswick St, Fitzroy, shopping strip.
Cavalier shop sold
Meanwhile, further east, at Camberwell, the long time home of Cavalier Menswear traded to a Stonnington-based investor for $4.39m, reflecting a 2.6 per cent yield.
It was the first time the two level asset, 632 Burke Rd, exchanged since 1977.
The tenant has occupied for 66 years.
Fitzroys’ David Bourke and Chris James were the agents.
The deals come the month after Emmetts Real Estate sold a corner retail investment in Glenferrie Rd, Malvern, for $11m – or $24,608 per sqm of land.
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