McGrathNicol offers permit-ready Steller site in Richmond

Artist’s impression of the office permitted for 236 Coppin Street, Richmond.

A cleared Richmond block of land, which failed developer Steller won approval to replace with a mixed-use complex containing offices and apartments, was listed for sale this week.

The holding (pictured, top) is one of seven being put to the market by administrator McGrathNicol, representing Asian financier OCP which is said to be owed more than $97 million by Steller.

The McGrathNicol portfolio is expected to return about $80 million.

Covering 2037 square metres, forming an L-shape, the Richmond offering includes neighbouring sites:

  • 236 Coppin Street, which is proposed to make way for a seven-storey office, currently seeking a tenant, and
  • 314-320 Swan Street, which is permitted for the residential component of the redevelopment.

Richmond’s KFC restaurant, which includes a large open-air car park, abuts a large portion of the Steller block.

Colliers International’s Ted Dwyer, Trent Hobart and Matt Stagg are closing an expressions of interest campaign for the Steller holding on November 27.

It is expected the site will sell for more than $15 million.

Elsewhere in the suburb, Riverlee is proposing a 13-storey office on a much smaller, rectangle shaped site at 484 Swan Street.

Brady Group is also set to start construction of an 11-level hotel at 203-207 Bridge Road.

The Richmond site runs behind a terrace and KFC restaurant, to form an L-shape.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
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