Alexanders corner in Melbourne's Richmond sells under the hammer for $11 million

A well-known local identity has paid $11 million for Alexanders’ corner on Bridge Road and Church Street in Melbourne's Richmond at auction.

The 254-256 Church Street and 246 Bridge Road property comprises a 1560-square metre building including four ground floor shops, four first floor office suites and an upper level dance studio, on an 892 square metre site with exposure to the corner of Church Street and Bridge Road.

The building is fully leased to nine tenants including Commonwealth Bank and Priceline Pharmacy, providing a secure net income of $481,300 per annum.

The deal was brokered by Teska Carson’s Larry Takis with CBRE’s Josh Rutman.

"Bridge Road will be unrecognisable in a few years. Everyone will want to be back there as the huge redevelopment of the surrounding precinct transforms the area and revitalises the retail catchment," said Takis.

"Developments including the $350 million Epworth project, Little Projects’ apartments on the Thomas Dux site and the redevelopment of Richmond Plaza, among many others, have invested heavily in the resurgence of an area which is arguably Melbourne’s best lifestyle precinct.’’

He said the Bridge Road locality had seen the recent planning and development of a large number of residential developments including:

* 178-182 Bridge Road (14 apartments)

* 19-21 Judd Street (50 apartments)

* 123-125 Bridge Road (21 apartments)

* 207 Bridge Road (54 apartments)

* 32 Bosisto Street (39 apartments)

* 231 Bridge Road (31 apartments)

* 153-155 & 177 Bridge Road (14 storeys)

* 183-189 Bridge Road (63 apartments)

According to the City of Yarra and ABS data Richmond’s population grew 37 percent to 31,262 in 2014 from 22,789 in 1991 and is expected to rise another 38 per cent by 2036.