Chinese developer pays $5.51 million for row of three Richmond shops
A row of three shops in Melbourne’s inner east Richmond, has been snapped up by a Chinese developer for $5.51 million.
The holding, 255-259 Bridge Road, sits between the near-new 10-storey Ark apartment complex and the Richmond Plaza, which is the subject of a major mixed-use, residential-based redevelopment.
Steveway agents Steven Pantelios, Andrew Kolovos and Dennis Pantelios with RT Edgar Manningham’s Alan Wang listed the 620 square metre site in June.
The terraces – which could have been rented as retail and residences – were developed in about 1873 after a fire destroyed an 1865 hotel.
The site has side and rear laneway access and, unusually, a crossover from Bridge Road.
Given planning approvals in this pocket of Richmond, the Commercial 1 zoned parcel could feasibly make way for a high-density tower of more than 10 levels.
At 203-207 Bridge Road – a 787 sqm plot – Brady Group is developing an 11-floor hotel, which in September we reported, was pre-committed to Accor.
MAB Corporation recently started selling strata office within a seven storey strata office, Yarraberg Workspaces, recently permitted to replace a 1372 sqm former industrial property it acquired two years ago at 43-57 Blazey Street.
Buildings of between 10 and 14 levels have been approved around the Zagame Automotive site and Swan Street.
Riverlee and Bamfa Properties recently started marketing for pre-lease a 13-floor office on a 730 sqm site once co-owned by Jeff Kennett, at 484 Swan Street.
A landmark mixed use project is also earmarked to replace a 3025 sqm holding around Belgravia Street (including the former SEN radio station studio), acquired last August by Pelligra Group and Resi Commercial from The Reject Shop co-founder, Ron Hall.
