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.