The 1,650sqm Commercial 1 zoned landholding also offers strong underlying development potential with surrounding projects having set a height precedent of up to nine levels.
CBRE’s Mr James said; “Given the site’s size and frontage we expect to receive strong interest from both investors and medium to long term developers who are looking for some cash flow initially before unlocking one of the largest parcels of land along Bridge Road.”
Mr Wizel added that the property’s proximity to the CBD, significant income and strong tenancy profile would be key draw cards for prospective purchasers, with strong interest expected from both Asian investors and local groups.
“Due to its physical characteristics, the property offers multiple future options for an incoming owner, including the ability to subdivide and create several smaller tenancies to enhance the rental return,” Mr Wizel said.
“As more development activity is undertaken on Bridge Road and in surrounding locations, the demand for retail uses in the precinct will increase, driving achievable rental rates. More than 3,600 apartments have also been delivered in this part of Richmond, predominantly in the past ten years, underpinning interest in sites with development potential.”
This listing follows a series of suburban sales in the past 12 months, which have offered strong underlying development potential.
A summary is below:
277-279 Centre Road, Bentleigh
Beller House, Balaclava
372-376 Glen Huntly Road, Elsternwick
Burgundy Plaza, Heidelberg
143-151 Bridge Road, Richmond
“Local investors and developers are actively competing to acquire large land parcels in quality locations provided there is a strong current income,” Mr Wizel said.
The onsite auction for 487-495 Bridge Road will be held on Wednesday, September 6 at 12:30pm (AEST).
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.