Victorian building in Richmond set for auction with $2.25 million expectations

A two-level Victorian offering with potential for further development in Richmond on Melbourne CBD’s eastern fringe is set to go under the hammer on November 1 with price expectations of more than $2.25 million.

Located at 121 Burnley Street, the property boasts an address in one of Melbourne’s most popular restaurant, fashion and entertainment precincts.

The building includes a reception area, conference room, eight individual offices, kitchen facilities and toilets on the ground floor, and a large boardroom, kitchen, balcony and three individual offices upstairs.

The 439 sqm site, zoned Industrial 3, has frontage to Burnley Street and rear access via North Street.

The marketing is by Teska Carson’s Luke Bisset and Michael Taylor along with Jeffrey Richardson of Richardson French.

According to the agents, the property will be offered with vacant possession and provides an opportunity to invest in arguably Melbourne’s premier inner-eastern property market. 

Bisset said the area had benefitted from a number of high profile residential and commercial developments, driven by population growth and the attraction of Richmond’s well documented retail and entertainment offerings, as well as its proximity to the CBD.

“It is ideally suited to an investor or owner-occupier seeking a well-presented commercial property in a great location with the benefit of the potential for further development (STCA) and the prospect of capital growth,’’ Bisset said.

Strong enquiry is expected for the property.

“Property in this precinct is very popular with investors and that popularity has intensified in recent times as the purchaser market has expanded to include SMSFs and foreign investors as well as the traditional smaller investor. And of course owner-occupiers have been much more prominent due to the favorable borrowing rates,” Richardson said.