Richter family members reap $10.6 million selling first tranche of property portfolio

Two Box Hill sites (marked) sold to two separate buyers this afternoon.

Postscript: the entire portfolio has now sold. Read our story about the results, here.

Members of the Richter family today sold three blocks of flats at auction – reaping $10.611million.

Over coming days another five investments will be sold by the vendors, potentially realising another $14 million.

This afternoon, two adjoining Box Hill sites traded to two local buyers.

The largest of these, a 2279 square metre block at 2-8 James Street (pictured, right), containing 17 strata-titled apartments, is exchanging for $6.66 million. An adjoining 745 sqm parcel at 499 Station Street, configured with three townhouse style units, found favour for $1.701 million.

Both parcels have medium density development upside – being a couple of hundred metres away from central Box Hill – where several high density and high rise residential buildings have been completed in recent years.

A third investment – a block of villa units at 9 Rae Street, Chadstone – sold for $2.25 million.

Vinci Carbone’s Stephen Speck, Joseph Carbone and Frank Vinci brokered the deals.

More windfall to come…

The properties form part of a portfolio of seven assets – six of them blocks of flats and villa units which were developed by three families, including the parents of prominent criminal lawyer, Robert Richter QC, between 1976 and 1986.

Tomorrow, a prominent Northcote warehouse at 171-175 High Street, owned by the same vendors and part tenanted to Archibald Prize winning artist Marcus Wills, goes to auction.

Also to be offered is an apartment complex at 42 Roseberry Street, Ascot Vale and a block of flats at 9 Salter Street Essendon.

The final part of the portfolio, villa units at 104 Lynch Road, Fawkner and 24 Acacia Street, Glenroy, will be offered on Friday.

A Northcote warehouse part tenanted to Archibald Award winner Marcus Wills is also being offered this week, as part of the portfolio controlled by three families, including the Richters.
Tomorrow this block of flats at 42 Roseberry Street, Ascot Vale, will be auctioned.
An older style apartment complex on a large 1937 square metre parcel near Essendon’s Glenbervie train station is also on offer.

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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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