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.
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.
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.
The apartment blocks are located at:
- 42 Roseberry Street, Ascot Vale (pictured, top)
- 8 James Street, Box Hill
- 499 Station Street, Box Hill
- 9 Rae Street, Chadstone
- 7 Salter Street, Essendon
- 104 Lynch Road, Fawkner
- 24 Acacia Street, Glenroy
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 monolith – 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.
