The latest research from Richmond Cityscope shows property sales have increased in the past three months.
Sales recorded in the quarter to August 2018 totalled $224.2 million, a large increase from the $43.1 million recorded in the three months to May 2018 and from the $77.8 million recorded in the three months to February 2018. The increase is mainly due to the inclusion of the sale of the Pullman on the Park Hotel.
This data brings the 12-month total to $395.5 million, an increase from the $256 million recorded for the same time last year.
The table below shows sales recorded for the past eight updates of Richmond Cityscope.
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Recent standout sales in Richmond include:
- Pullman on the Park Hotel, 192 Wellington Parade, East Melbourne, a 20-storey hotel with 419 guestrooms, conference facilities, a ballroom with capacity for 1000 people and parking for 215 cars, which was sold for approximately $200 million through McVay Real Estate and JLL – Melbourne and
- 90 Jolimont Street, East Melbourne, a brick office building of three levels including lower-ground parking for 10 cars on a site area of 594 sqm and VCA House, 86 Jolimont Street, East Melbourne, a two-storey building with a slate roof on a site area of 520 sqm, which were sold together for $15.5 million through Colliers International.
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Properties for sale in Richmond in August 2018 include:
- 54-56 Bridge Road, Richmond, an older two-level brick retail and office building, with a more recent brick and timber two-level addition to the rear and with a building area of 360 sqm, for sale through Savills;
- 337 Swan Street, Richmond, a single-storey commercial/retail building with a parapet on a site area of 180 sqm, for sale through Prowse Burns Commercial Real Estate and
- 271 Swan Street, Richmond, a single-storey 204 sqm brick retail building with a parapet on a site area of 204 sqm for sale through Morley Commercial.
Significant leasing opportunities in Richmond in August 2018:
- 177-179 Burnley Street, Richmond, a two-storey retail/commercial building with a showroom on the ground floor and loading docks to Burnley and Palmer Streets and a net lettable area of 1,230 sqm, available through Gray Johnson Commercial Melbourne;
- 543 Bridge Road, Richmond, a six-level retail and office building, comprising 3,500 sqm of office space in the three uppermost levels, 900 sqm of retail space on the ground level and two basement levels of parking with space for 91 cars, has office space of 550 to 1,122 sqm available through Colliers International Melbourne East and
- Yarra Bank Offices, 678 Victoria Street, Richmond, a building of four-storeys plus five levels of basement parking for 480 cars, which has office space of up to 2,500 sqm available through JLL - Glen Waverley and Gill Property.