Richmond warehouse fetches $1.82 million

A Melbourne investor has paid $1.82 million for a warehouse in a sought after precinct of Richmond on Melbourne’s CBD fringe.

Teska Carson’s Tom Maule and Matthew Feld said the property drew four bidders driving the price to achieve a land rate of $6570 a square metre.

Located at 79 Murphy Street, the property comprises a single level, 240 square metre, double-fronted, brick warehouse, with RSD access and two off-street car spaces.

The 277 square metre site, which includes 7.9 metres frontage to both Murphy and Blazey streets, is zoned Industrial 1.

"Richmond has become a very much sought after address for those looking for a location within easy reach of the CBD, at competitive rentals, with both parking and public and private transport access, and within close proximity of Richmond’s popular restaurant and fashion precincts," Maule said. 

The vendor was a private investor.