Richmond site with development potential to go under the hammer

A commercial building with potential for development located in Melbourne inner suburb Richmond is going to auction with expectations of more than $1.2 million.

The 221 Swan Street property is within walking distance of East Richmond Railway Station and within 3 kilometres of the CBD.

It will be auctioned on September 27 through Teska Carson.

The 209 sqm site is zoned Commercial 1 under the City of Yarra Planning Scheme.

The Commercial 1 Zone promotes mixed use commercial centres for retail, office, business, entertainment and community uses, as well as residential uses at densities complementary to the role and scale of the commercial centre.

Improvements include a single level retail/workshop/showroom building.

According to marketing agents, Teska Carson’s Tom Maule and Larry Takis, the property can suit both an owner-occupier or investor, but it may be of most interest to developers looking at its considerable potential for a mixed use development subject to council approval.

"There is very strong demand for any property with development potential in the inner suburbs and especially those with main street frontage and Commercial 1 zoning,” Maule said.

He said the land was located within the City of Yarra’s Swan Street Structure Plan which identified Swan Street East as a major activity centre.

The property will be sold with vacant possession.