Melbourne portfolio of seven apartment blocks and a warehouse listed by consortium including members of the Richter family

The mother of prominent criminal lawyer Robert Richter QC is part of a syndicate which this week listed for sale a portfolio of seven apartment blocks scattered across metropolitan Melbourne, and a Northcote warehouse.

The investments were built by Mr Richter’s father and uncle – along with another family – between 1976 and 1986.

The Essendon apartment block occupies a 1937 square metre site walking distance to the Glenbervie train station. The Melbourne CBD is eight kilometres away.

Offered for the first time since construction, the apartment blocks will be auctioned by Vinci Carbone’s Stephen Speck, Frank Vinci and Joseph Carbone in the week commencing November 11.

Mr Speck said the properties should attract investors looking for sites with significant add-value potential to improve existing income – or developers who will look to reap a capital gain by renovating the original condition flats then renting or selling them individually at a premium.

The Northcote warehouse (shaded) is part-tenanted to Archibald Award winning artist Marcus Wills.

Combined the properties cover 9300 square metres of area, some in especially desirable Melbourne suburbs including Ascot Vale, Chadstone and Essendon.

As such developers might consider the properties with the view to replacing the land with something else – possibly townhouses, or a higher density residential project.

These low-rise units occupy a 1368 square metre block at 9 Rae Street, Chadstone.

The apartment blocks are located at:

A three level Northcote warehouse at 171-175 High Street tenanted to furniture store Godfathers Axe is also being offered as part of the portfolio.

Painter Marcus Wills – who won the 2006 Archibald Prize for his piece The Paul Juraszek Monlith – occupies an upstairs space at Northcote.

Mr Wills was also a finalist for the Archibald Prize in 2015, 2016 and 2017.

Portfolio delivers the latest Box Hill super-site

Mr Speck said that the Box Hill properties (pictured, below) are connected “so significant interest is expected from the local and Asian developer market looking to secure both sites creating over 3000 sqm of residential growth zoned land, only 500 metres from the Box Hill retail precinct”.

The 8 James Street Hill property is the most valuable in the portfolio with a price guide of about $6.5 million.

The most affordable investment, 104 Lynch Street, Fawkner, is expected to sell for about $1.2 million.

Two central Box Hill parcels could be amalgamated to create a 3024 square metre super-site.

Share or Recommend article

Marc Pallisco

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

Marc Pallisco
error: Content is protected !!