Inner-city land parcel paves way for landmark development

Melbourne CBD

A high-profile landholding in the prestigious Richmond Hill precinct has hit the market, offering a unique opportunity to develop a premium inner-city parcel.

The 2,047-square-metre landholding at 150-152 Bridge Road and 1-3 Allowah Terrace is positioned at the top of Richmond Hill – in what is believed to be one of eastern Melbourne’s most exclusive inner-city pockets.

According to CBRE, which has been appointed to market the parcel, the site benefits from triple street frontage, Commercial 1 zoning and strong holding income – which will provide ultimate flexibility to the incoming purchaser.

CBRE’s Victorian Development Sites team, comprising Josh Rutman, Julian White, Mark Wizel and Lewis Tong, has been appointed to sell the site via an international expressions of interest campaign.

Mr Rutman said the property’s potential to accommodate a landmark mixed-use project is expected to attract significant buyer interest.

“The sales campaign is expected to attract interest from a range of local and offshore developers looking to gain a foothold within an established locality, well suited for high-end, mixed-use development,” he said.

World-renowned firm Jackson Clements Burrows Architects has reportedly produced a highly advanced development proposal for the site, incorporating a range of quality apartments that offer excellent orientation and views.

Mr Rutman said the plans also provide options for premium townhouse products.

“As developers continue to seek out more sophisticated offerings that cater to the demands of today’s owner-occupier market, this site provides a distinct opportunity to create arguably Richmond Hill’s last signature project of genuine scale and prominence,” he said.

“Offering uninterrupted views to the CBD, which are unlikely to [ever] be built out, the property is located just a stone’s throw from the MCG, AAMI Park, Rod Laver Arena, Royal Botanic Gardens and the Melbourne CBD itself, as well as surrounding restaurants and bars.”

With a median house price of over $1.1 million, Richmond is already one of Melbourne’s most-revered suburbs, and Richmond Hill continues to experience substantial premiums above the surrounding areas.

CBRE selling agent Julian White said there is strengthening demand from developers looking for sites in proximity to the CBD that offer genuine potential to deliver a bespoke project.

“Premium-quality landholdings with the ability to generate income are definitely in demand. Developers know they will get much greater funding support, and will sell the apartments quickly off the back of a strong residential market,” he said.

The property is also surrounded by substantial building-height precedents, with the 12-13 level Dux Apartments being developed by Little Projects directly across the road.

“As a sustained sign of confidence, some of Australia’s best developers have delivered projects in Richmond with outstanding success, including Salta, Lend Lease and Riverlee,” Mr White said.

The property is being offered for sale by international expressions of interest, closing 22 July 2016.

Inner-city land parcel paves way for landmark development
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