14 level Richmond apartment development site listed
Teska Carson is marketing a site with multi-unit development potential in Richmond.
Located at 335-341 Bridge Road, the property in the shadow of Richmond Town Hall currently comprises a two storey, 685 square metre, retail building.
The Commercial 1 zoned 703 square metre site has frontages of 20 metres to Bridge Road and 33 metres to Gleadell Street.
A preliminary scheme for a 14 level apartment building, with ground floor retail and basement parking, has been provided to potential buyers by RBi Architects.
Teska Carson agents George Takis and Larry Takis adviuse the property will be sold subject to leases to Australia Post of five years (from October 2018) over the 230 square metre Shop 1, and NAB which is on a monthly tenancy of the 455 square metre Shop 2.
The buyer will have a combined annual return of circa $285,000 while securing approvals.
George Takis said the property represented an "outstanding" development opportunity.
``This is a location which has been arguably inner Melbourne’s most popular commercial and lifestyle precinct over recent years attracting a multitude of commercial tenants and residents driving a subsequent surge in development.
``The precinct boasts a plethora of national and boutique retailers as well as many of the city’s best restaurants and bars and more recently the ingress of many new boutique office tenants including a significant cohort of IT specialists.
``The prospects for ongoing demand continue to be quite positive with the COVID driven increase in office demand for city fringe locations which is a key driver of demand for apartments,’’ Mr Takis said.
One of Bridge Street's prominent developments is Richmond Quarter, a mixed use development across five buildings at 261-271 Bridge Road, due for completion May 2022.
The most recent development site sale was one of Richmond's most-prominent and strategic sites, at 81 to 95 Burnley Street, Richmond, which was bought by GURNER.
Larry Takis noted some of Australia’s largest technology companies had set up in the neighbourhood which has a recognition as Melbourne’s so called `tech hub.’
``Richmond’s massive influx of office tenants, notably of the IT variety, has been growing side by side with a who’s who of Australian furniture designers, retailers and new residential projects.
``With Epworth Private Hospital and all the adjoining amenities and proposed construction projects in close proximity, Bridge Road retains its mantle as a premier city-fringe boulevard,’’ Mr Takis said.
Over at Swan Street, the TWO51 on Swan, the Blueprint Projects development designed by Watson Young Architects, is nearing completion.