An opportunity for a developer or investor to leave a lasting mark on the Richmond landscape will be up for grabs next month amidst strong demand for quality metropolitan opportunities.
“With no signs of a change in our interest rates or the inflow of investment dollars from abroad, it is hard to see a change in the metropolitan investment market for 2016,” Jeremy Gruzewski, Colliers International National Director of Investment Services, said.
“We expect to see good quality investments continue to achieve strong yields for our vendors as investors look for a home for their money. With few available options at any given time, the investment market will be competitive in 2016.
“Likewise, the interest for development sites and redevelopment opportunities in well located areas continues to flourish. The influx of migrants to Victoria and the subsequent population growth will underpin this market."
In one of the first campaigns for the year, Colliers International’s Ted Dwyer, Peter Bremner and Jeremy Gruzewski have been appointed to sell a substantial site at 195 Lennox Street in Richmond by forthcoming Expressions of Interest campaign in February.
Mr Dwyer said the 1,482sqm site would allow for sweeping panoramic views to the CBD and beyond from any future development (STCA).
“We are thrilled to be offering what can only be described as one of the best development opportunities to hit the market in recent years,” he said. “Perfectly positioned to offer any future residents an ideal Richmond lifestyle, this site also has potential to provide stunning views from every aspect due to its enviable location on top of the hill."
The site is immediately surrounded by quality retail, public transport and lifestyle amenity. Mr Dwyer said there was town planning precedence of seven to 13 storeys in the immediate vicinity.