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.
- In Glenroy, 24 Acacia Street traded to for $1.655 million, and
- In Fawkner, 104 Lynch Road (pictured, bottom) achieved $1.33 million.
Yesterday, we reported that three more properties were trading:
- A Northcote warehouse leased to Archibald Prize winning painter Marcus Wills at 171-175 High Street;
- A block of Essendon flats at 7 Salter Street, and
- Another apartment complex at 42 Roseberry Street, Ascot Vale.
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:
- 2-8 James Street (for $6.66 million – making it the most valuable property within the portfolio), and
- 499 Station Street, next door.
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.