The latest research from Richmond Cityscope shows property sales value have decreased in the past three months.

Sales recorded in the quarter to February 2021 totalled $29.7 million with 6 sales, a decrease from the $34.9 million recorded in the three months to November 2020 but an increase from the $15.1 million recorded in the three months to August 2020.

This data brings the 12-month total to $88.3 million, a significant decrease from the $304.6 million recorded for the same time last year.

The table below shows sales recorded for the past eight updates of Richmond Cityscope.

Richmond Sales Grid

Recent standout sales in Richmond include:

  • 375-377 Punt Road, Richmond, a 6-storey building consisting of 17 apartments, ground floor cafe above basement car parking accommodating 23 vehicles, car stackers, 20 bicycle spaces and a rainwater storage tank built at an estimated cost of $5 million in 2020 with a building area of 3,161 sqm, bought for $10.5 million through CBRE;
  • 300-304 Bridge Road, Richmond, a single-level brick retail building with a loading bay and parking for 1 car to the rear and 306 Bridge Road, Richmond, a single-level brick retail building with parking for 2 cars on rear paved land, bought together for $7.558 million through TCI Property Consultants and
  • 613 Bridge Road, Richmond, a single-level brick showroom building with roller door access to Palmer Street and receiving and dispatch access to Jones Place on a site of 286 sqm and 615 Bridge Road, Richmond, a two-level brick Victorian building with a showroom at street level to Bridge Road, and a single level warehouse storage section with roller door access to Palmer Street on a block of 353 sqm, were bought together for $5.575 million through Gorman Commercial. The sale represented an initial yield of 2.66% on passing income of $148,270.
Richmond Sales Chart

Properties for sale in Richmond in February 2021 include:

  • 331-333 Swan Street, Richmond a single-storey commercial building of 250 sqm with two shopfronts on a site of 366 sqm and a $60,000 per annum return, which is for sale through Teska Carson Richmond;
  • 255-259 Bridge Road, Richmond, a late-Victorian 2-storey building of about 350 sqm building area, with stucco facade featuring recessed figurative motifs, with the original coach entrance to the western boundary and three shops to Bridge Road on a site of 620 sqm, which is for sale through Steveway Real Estate Richmond and TR Edgar Manningham and
  • 226 Swan Street, Cremorne, a two-level brick retail and office building of 268 sqm with two shops at street level and upper level offices to Swan Street, and four levels to the rear and parking for around three cars on rear paved land, advertised with an income of $142,752 per annum, which is for sale through Fitzroys Melbourne.

Significant leasing opportunities in Richmond in February 2021:

  • Botanicca 3 at 570 Swan Street, Burnley, part of the Botanicca Corporate Park, completed early 2020 with two 7 and 8 storey buildings, East and West Towers, with offices over podium level including gym, child care facility, cafe & common areas, which has office space of 330 to 5,300 sqm for lease through JLL Metro Market and Colliers International Melbourne East;
  • 620 Church Street, Richmond, a building of three storeys with a ground-floor showroom, plus a three-level basement car park, completed in 1990, which has office space of 533 to 2,280 sqm available for lease through Colliers International - Melbourne East and Teska Carson Richmond and
  • 289 Wellington Parade South, East Melbourne, a four-storey commercial building with a cafe on ground, car parking on level 1 and office spaces from levels 2 to 4, which has 1,393 sqm on Level 3 available for lease through JLL Metro Market.

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