The latest research from Richmond Cityscope shows property sales value has decreased significantly in the past three months.
Sales recorded in the quarter to May 2020 totalled $8.6 million, compared to the $221.7 million recorded in the three months to February 2020, largely due to 3 major transactions of 658 Church, Cremorne for above $92 million, 1-9 Gordon Street, Cremorne for $50 million and Richmond Plaza for $59.4 million and the $51.5 million recorded in the three months to November 2019.
This data brings the 12-month total to $299.3 million, a slight increase from the $294.1 million recorded for the same time last year.
The table below shows sales recorded for the past eight updates of Richmond Cityscope.
Recent standout sales in Richmond in May 2020 include:
- 76-78 Jolimont Street, East Melbourne, comprising 2 three-storey terrace houses with undercover parking for 6 cars at rear on a 308 sqm block, used commercially, which was sold for $4.745 million;
- 25 Hoddle Street, Richmond, a two-storey commercial building with 8 car spaces and with a building area of 260 sqm on a 336 sqm block, which was sold for $1.7 million; and
- 208 Bridge Road, Richmond, a two-level stone mid-Victorian terrace, built 1886 on a 385 sqm block and there is parking for 2 cars in a rear yard, which was sold for $1.135 million.
Properties for sale in Richmond in May 2020 include:
- 300-304 Bridge Road, Richmond, a single-level brick retail building with a loading bay and parking for 1 car to the rear, situated on a 631 sqm block, which is for sale through TCI Property Consultants;
- 493 Swan Street, Richmond, a single-storey brick house, used commercially on a 173 sqm block, which is for sale through Kelly & Kelly Property and
- Eblana at 140 Jolimont Road, East Melbourne, a two-storey terrace with a later one-storey extension on its southern side. The building has undercover parking for five cars, accessed via a rear lane, which is for sale through Colliers International Melbourne.
Significant leasing opportunities in Richmond in May 2020:
- 43 Elizabeth Street, Richmond an eight-storey office building with 346 undercover parking spaces on three levels, completed in 2009, with floor plates of about 2,000 sqm and net lettable area of 11,917 sqm, which has office space of 1,871 sqm available through CBRE Melbourne and Cushman & Wakefield Melbourne;
- Abbotsford Office Park at 675 Victoria Street, Burnley, an office building of four levels, including offices on the top two levels, and parking on the lower ground floor and in the basement. The building was completed in 1987 with an office area of 3,612 sqm and there are 110 car spaces, which has office space of 1,400 sqm available through CBRE Melbourne and
- 491 Church Street, Richmond, a two-level brick showroom building, with a building area of 260 sqm and parking for one car with access via rear lane, which has retail/showroom space available through Morley Commercial.