Richmond showroom auctioned for $4.4 million

A two level showroom in Melbourne’s inner-east Richmond has sold for $4.4 million, well over the initial guide price of mid-$3 millions.

A local private investor picked up 619-623 Bridge Road at auction this afternoon.

The event attracted more than 80 people.           

An aerial image showing the site (outlined) relative to other local landmarks including McDonalds, next door, and Mitre 10, behind.

The 615 square metre complex occupies a 415 sqm plot next door to a McDonald’s restaurant.

It was expected to pique developer interest given that the block is zoned Commercial 1 and has (rear) access to Palmer Street.

The property, presently leased to furniture retailer Innovation, was also offered with the option of vacant possession.

Inside the double-storey showroom at 619-623 Bridge Road, Richmond.

Gross Waddell agents Andrew Greenway and Andrew Waddell said the sale price achieved reflects a low yield of about 3 per cent.

Yesterday we reported that the owners of adjoining Richmond sites currently leased to Zagame Automotive on Swan Street, Richmond, are seeking a joint venture development partner. That site is set for a rezoning which will allow for residential buildings of up to 12-storeys.

The proposed 13-level office earmarked to replace 484 Swan Street, Richmond.

In May we reported that Riverlee and Bamfa Properties were seeking to replace a low-rise office at 484 Swan Street, once owned by Victorian premier Jeff Kennett, with a 13-storey commercial complex (artist’s impression, right).

Last October we reported that prestige real estate agent Ross Savas paid $8.7 million at auction for a 1132 sqm building on a 749 sqm plot at 11-15 Albert Street, Richmond – at the cusp of Cremorne.

A month earlier in Richmond, one investor:

  • paid $14.8 million for a double-storey showroom on a 1658 sqm block at 487-495 Bridge Road, and
  • spent $9.9 million on a warehouse-converted-showroom on a 1381 sqm parcel at 157-161 Burnley Street.

Last August, Pelligra Group paid The Reject Shop founder Ron Hall more than $25 million for an office and car park occcupying a 3025 sqm holding at 471-479 Swan Street and 10 Belgravia Street, Richmond.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of