Under Instructions from KordaMentha as Receivers and Managers Appointed, a highly versatile development site at 550 Swan Street, Richmond has secured a buyer following a competitive EOI campaign run by Cushman and Wakefield and JLL.
Following a highly competitive Expressions of Interest (EOI) campaign, the site attracted 8 offers and over 160 enquiries, highlighting its significant appeal to both local and interstate development groups.
550 Swan Street, Richmond offered a substantial two-level building with 2,758sqm* of Gross Floor Area (GFA) alongside convenient on-site parking. The property was in a Commercial 1 zone, spanning 1,660sqm* and featured an impressive 40m* of Swan Street frontage.
While the property benefitted from substantial improvements on-site, the predominant interest was from developers looking to capitalise on the development upside.
The prime city-fringe location, preferred maximum building height of 28m within the Swan Street Activity Centre and protected northern view lines made this a highly attractive development proposition.
The site was ultimately secured by leading development manager Fortis, a wholly-owned subsidiary of Pallas Group with significant interests within the Melbourne market, specifically around Cremorne and Richmond. The Purchaser has plans to develop the site in line with the discretionary height achieving a Net Saleable area in the vicinity of 10,000sqm.
The sale price of $13,600,000 reflects a land rate of $8,192/sqm and a GFA rate of $4,900/sqm on the current building.
The property was sold by Daniel Wolman, Hamish Burgess, and Joe Kairouz of Cushman & Wakefield and Jesse Radisich, Josh Rutman, and Tim Carr of JLL.
*Approximate
^ Gross