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.

The 620 square metre Richmond site includes side and rear laneway access and, unusually, a crossover from Bridge Road.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco