Developer doubles down in Richmond
Kokoda Property Group’s Mark Stevens has bought a second Richmond development site in five months.
The Adairs and Marmar showrooms on 1650 square metres at 487-495 Bridge Road, backing onto Palmer Street, is costing about $20 million.
The seller, CBR Development Group, outlaid $14.8m excluding GST at auction in September, 2018 – a 2.1 per cent net passing yield.
The head lease expires 2027, it was reported at the time.
Kokoda is planning a mid-rise apartment based mixed use complex with ground floor retail and dining; about 12 floors could be considered, sources say.
Teska Carson’s Luke Bisset was the agent.
The off-market deal comes five months since Mr Stevens, an ex-real estate agent, bought 418 Burnley St in the suburb with plans for the company’s maiden office project.
On 854 sqm at the south west corner of Madden Grove, that parcel cost $5m.
The group is also behind a multi-building complex across town, branded the Malvern Collective.
In Brisbane meanwhile, it two years ago bought a riverside block in Teneriffe – the city’s priciest suburb – and another across town at Milton – with plans for residential based projects.
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