79-89 Swan Street (cnr Lennox Street), RICHMOND
Gross Waddell in conjunction with CBRE has sold 79-89 Swan Street, Richmond via an Expression of Interest (followed by a Private Boardroom Auction) for $16,700,000.
Featuring a substantial 1,540 square metres of prime inner city land, the property represented a unique opportunity to acquire a significant Melbourne land holding with an underlying income stream and genuine scope for a medium density development opportunity with three street frontages.
The property is located in arguably Melbourne’s most sought after retail and residential location. Any further development will enjoy uninterrupted panoramic views of the Melbourne CBD and Melbourne’s finest sporting arenas including Rod Laver Arena, MCG and AAMI Park.
The property is approximately 400 metres from Richmond Station and 450 metres to the intersection of Punt Road and Swan Street.
The properties’ improvements include three street frontages with an impressive two level brick retail and office complex which occupies all of the land and is fully leased returning $275,000 per annum net. There are also secure ground floor parking spaces for up to 17 cars.
Jonathon McCormack of Gross Waddell and Josh Rutman of CBRE, commented, “79-89 Swan Street provided an outstanding result for our vendor with a land rate of $10,844 a metre and yield of 1.6%. The boardroom auction held at Gross Waddell was knocked down to a private local investor $4 million above the reserve, proving that inner-city properties of this magnitude are highly sought after by both investors and developers. This result proves that the market is not slowing down and it is a great opportunity for owners to take advantage and sell up and make land rate records.”
Sale Price: $16,700,000