Richmond shop on Swan Street snapped up by owner-occupier for $607,500

Renovated retail premises of a former take-away business in Swan Street in Richmond, Melbourne, have been acquired by an owner occupier who will use them as boutique flooring products showroom.

The 68-square-metre corner store on the north east corner of Mary Street at 255 Swan Street in Richmond sold through Rory White of Gray Johnson for $607,500 plus GST or $8,930 per square metre of building area.

It was listed at $655,000 plus GST.

The building was also listed for lease at $36,500 net per annum – equating to around $540 per square metre per annum.

The purchaser has a number of large showrooms of flooring products throughout the Melbourne metropolitan area.

Recent retail premises on Swan Street include the 204-square-metre premises of Angus antique furniture just a few shops down from the vacant corner café, which sold for $1 million in March last year on a yield of around 3.7% through Tom Maule and Larry Takis of Teska Carson Richmond.

Swan Street runs perpendicular to Punt Road from the Royal Botanical Gardens to Park Grove.