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BTR Experts: Richmond Quarter - 271 Bridge Road, Richmond VIC

Richmond Plaza Coles Large

Sale Date: June 2019
Sale Price: $54,000,000
Land Area: 13,413 sqm*
Land Rate: $4,100/sqm*
Number of Apartments: 307* (levels 1-10)
Total NLA: 9,770 sqm*
Total NSA: 25,693 sqm*
Total Project NSA/NLA: 35,463 sqm*
Purchaser:
Home (GIC/Grocon)

Permit:
Permit approved for a substantial mixed use development including a supermarket, market hall and retail specialties, office, childcare and gymnasium on lower levels and a significant residential accommodation.

Sale Process:
Colliers were appointed exclusive selling agents of Richmond Quarter, 271 Bridge Road, Richmond in 2019. Upon appointment Colliers implemented a clear strategy that included a targeted Off-Market “Invite Only” Expressions of Interest campaign.

Outcome:
From the qualified parties invited to bid, Colliers received 11 offers from a range of BTR and Build to sell developers which was shortlisted to 6 parties. The result of an unconditional sale with an strongly-aligned purchaser exceeded the vendor’s expectation on price and terms.