Richmond landholding lures buyers with potential for landmark development
A 2047-square-metre landholding in inner-Melbourne’s Richmond has been put to market by CBRE, advertised as a unique opportunity for developers.
The Commercial 1 zoned, triple frontage site at 150-152 Bridge Road and 1-3 Allowah Terrace is at the top of Richmond Hill.
The Richmond Hill site is being market as a prime development opportunity. Photo: Supplied
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 firm was predicting a high level of buyer interest owing to the site’s potential to accommodate a landmark mixed-use project.
“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,” Mr Rutman said.
There are already plans for the site, in the form of a development proposal from Jackson Clements Burrows Architects, which incorporates apartments and townhouses.
“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,” Mr Rutman said.
The property has views to the CBD – unlikely to ever be built out, he said – and is close to the MCG, AAMI Park, Rod Laver Arena, Royal Botanic Gardens and the Melbourne CBD.
