A premier development opportunity in Richmond’s lifestyle hub has been offered to the market in a move tipped to generate strong local and off shore buyer interest.
Prominently situated at 79-89 Swan Street, on the corner of Lennox and Carroll streets, the 1,540sqm site comprises a 2,057sqm two storey building accommodating 10 shops and eight office suites with shared amenities.
CBRE’s Josh Rutman and Mark Wizel, in conjunction with Gross Waddell’s Andrew Waddell and Jonathon McCormack, have been appointed to sell the property via a public Expression of Interest campaign closing November 19.
Mr Rutman said the property offered unprecedented potential to develop a landmark mixed use project in one of Richmond’s most desirable locations.
“Located on one of Richmond’s successful thoroughfares, on the doorstep of the CBD, an opportunity to acquire a development opportunity within Melbourne’s affluent inner south-east is once in a generation,” Mr Rutman said.
“Providing a secure income in its current state, the property will appeal to both buyers looking for a secure investment and those looking to unlock its full development potential.”
The property, comprising seven ground floor shops fronting Swan Street and three shops fronting Lennox Street, generates a current gross income of $490,000 per annum.
Mr Rutman said given current projects being undertaken within the surrounding area, the property offered a premium development opportunity.
Jonathon McCormack commented: “With substantial street frontage, this site presents genuine potential to deliver a major high density landmark mixed use development at the gateway of the Swan Street retail precinct.”
The property is significantly located directly opposite the new 10 level Dimmey’s Development comprising a Coles supermarket and upper level residential.
Mr McCormack said that it was a proven location, being walking distance to the CBD and in close proximity to all forms of transportation.