Six bidders push Richmond commercial site auction to $2.61 million

Six bidders push Richmond commercial site auction to $2.61 million
Six bidders push Richmond commercial site auction to $2.61 million

A Richmond commercial site with development potential has sold under the hammer for $2.61 million.

The rectangular, 222 square metre site at 25 Howard Street has a 215 square metre building which currently includes mix of private offices and open plan work space.

According to selling agents, Teska Caron’s George Takis, Matthew Feld, and Larry Takis, six bidders made a total of 65 bids before the property sold at a land rate of $11.757 a square metre.

The property was sold with vacant possession.

George Takis said the site’s corner location had attracted developer interest, but the property ended up selling to an investor who would initially use it as a rental property.

“This was an outstanding result for a property which offered something for a range of potential purchasers,” he said.

“Ultimately the sale reflected the ongoing strength of the market for sub $5 million properties in the best locations.”

Feld said the property’s location just off Church Street was also a selling point.

“Demand drivers include the close proximity to the CBD, to rail and tram transport, to the Monash Freeway/CityLink, the strong population growth and the strong demand from smaller businesses to locate on the city fringe with cheaper rents and parking,” Feld said. 

Tags: 
Richmond Commercial Investment

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