Melbourne’s Richmond site with mixed-use permit up for auction

A mixed-use development site at Cremorne (Richmond) in Melbourne’s inner eastern suburbs is up for auction on February 19.

It is expected to fetch more than $2 million.

Located at 24-26 Cubitt Street, the 365 square metre site will be sold with a planning permit for the development of a five-level building comprising a commercial office space and two apartments.

Cremorne is in the south-western corner of Richmond and adjacent to Melbourne’s premier sporting facilities and parklands, including the Rod Laver Arena, the MCG and the Royal Botanic Gardens, and abuts the Monash Freeway and the Yarra River.

According to marketing agent, Teska Carsons’ Matthew Feld, the property is ideally suited to the permitted development given its location and the success of similar projects within the vicinity.

“This is a well located site so close to every possible amenity in one of Melbourne’s most vibrant inner suburbs and within easy commuting distance to the CBD,” said Feld.

The site is zoned Commercial 2 under the City of Yarra Planning Scheme. The property will be sold with vacant possession.