Permit approved development site in well-connected Richmond location brought to market

A prime development site with a permit for a striking seven-storey office building designed by Carr Architects in one of Melbourne’s best-performing office markets has exclusively been brought to market by Colliers’ Ben Baines, Alex Browne, Eddie Foulkes and James Zhuang.

The residual value of the 438 sqm* development site is underpinned by its current improvements, which comprises a premium 580 sqm* two-level office building with five on-grade car parking spaces providing licensed holding income until January 2024.

The permit allows for the construction of an office building with a NSA of 1,934 sqm*, which features three-sided glazing, allowing for unparalleled views of the Melbourne CBD and the Richmond sports precinct with abundant natural light.

Colliers’ Director of Investment Services, Ben Baines, said, “The permitted scheme lends itself to multiple development strategies including strata sell down, lease-up or owner occupier HQ, encouraged by growing office occupier demand in the precinct.

“Richmond’s former industrial and manufacturing precinct has recently undergone a massive transformation, and today consists of an eclectic mix of older warehouses that have been converted into offices or residences, as well as sites which are earmarked for significant commercial and residential developments.”

The site is prominently situated adjacent to Richmond Station and just 120 meters from the vibrant and amenity-rich Swan Street, providing easy access to Melbourne’s sports precinct and the CBD, located just 3km away.

“Richmond is one of Melbourne’s best-connected suburbs, benefitting from an established transport system of arterial roads, five railway stations, seven tram routes, a bus route and several bicycle trails, including the Capital City Trail and Yarra River Trail,” said Alex Browne, Associate Director of Colliers Investment Services.

“The permitted development will benefit from visibility from the Richmond Station platform and railway line, which saw over 3,100,000* (Data Vic) entries in FY23, making it the second busiest station in Metropolitan Melbourne (outside of the CBD).

“Given the visibility from high commuter volumes, the site also has potential for further income via outdoor signage or owner occupier branding (STCA).”

With price expectations around $7 million, 57 Stewart Street, Richmond, is offered for sale by Expressions of Interest, closing Friday, 3 November 2023, at noon (AEST).