Richter family property portfolio reaps $25.311 million

EXCLUSIVE

The block of flats near the Glenbervie train station in Essendon.

Eight Melbourne investment properties offered by a consortium of three families, including the mother and uncle of prominent criminal lawyer, Robert Richter QC, sold at scheduled auctions this week.

In total they bought in $25.311 million.

Today, Vinci Carbone’s Stephen Speck, Frank Vinci and Joseph Carbone sealed deals for two blocks of villa units:

Yesterday, we reported that three more properties were trading:

On Wednesday, we reported that the first tranche of properties sold for a total of $10.7 million.

Also configured with apartments or townhouses, they include in Box Hill:

Another block of villa units, at 9 Rae Street, Chadstone, also exchanged two days ago – achieving a price of $2.25 million.

Paul Tzamalis’ The Auction Company called the under-the-hammer campaigns.

The buyers were a mix of developers and passive investors who plan to retain them, at least in the short term.

All the residential investments were built by the vendors between 1976 and 1986, then retained as investments.

In Fawkner, 104 Lynch Road sold today for $1.33 million.

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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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