Colliers International’s Ted Dwyer, Jeremy Gruzewski and Peter Bremner have facilitated the sale of more than $110million worth of commercial property in the sought after Richmond market in the last 12 months.
Eight transactions over the past year – a mix of office investments and residential and commercial development sites – have all generated a strong level of enquiry from both local and offshore contacts.
Colliers International’s Ted Dwyer said many of these sales were transacted off-market.
“All have contributed to a significant re-rating of the local market, with many of the sale prices representing local and city fringe records,” he said.
• 33-41 Balmain St, Cremorne: A 669sqm permitted commercial development site sold by Expressions of Interest for $5.3million in June 2016.
• 195 Lennox St, Richmond: A 1,482sqm office building/development site sold by Expressions of Interest for $9.25million in April 2016.
• 9-11 Stewart St, Richmond: An 899sqm warehouse-style office building with development potential sold by Expressions of Interest (price undisclosed) in April 2016. • 10/658 Church St, Richmond: A 3,780sqm office investment sold by Expressions of Interest for $45.5million in March 2016.
• 180-188 Burnley St, Richmond: A 4,694sqm commercial office investment with future development potential sold by Expressions of Interest for $31.2million in October 2015.
• 45 Wangaratta St, Richmond: A 364sqm mixed use warehouse sold off-market for $3.5million in September 2015.
• 577-579 Church St, Richmond: A 438sqm office investment sold off-market for $7million in June 2015.
• 5 Stewart St, Richmond : A 231sqm mixed use warehouse sold off-market for $2.45million in June 2015
“Richmond is experiencing a flurry of activity and we expect it to continue to be targeted by owner-occupiers, investors and residential or hotel developers,” Mr Dwyer said.