Jaques Richmond Site Ready to be Developed

Approval is imminent, sources say, and is expected to add hundreds of residents to a block between Highett, Coppin, Palmer and Griffiths streets.

Jaques made rock crushing machines at the Richmond site, which it expanded by offering the owners of surrounding work cottages a job for life, as well as market price for their homes.

The former industrial site sold in 1997, to private property investor Clement Lee who outmuscled heavyweights Becton, Central Equity, MAB Corporation, Mirvac and Walker Corporation by paying $6.13 million.

In a show of how fast commercial property values have moved in the last 13 years, sources estimate the property, which Mr Lee onsold, would be worth between $50 million and $60 million, were it put to the market today.

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Marc Pallisco

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