A Richmond site earmarked for an eight-level residential development has been listed for sale.
CBRE Victorian Development Site Sales has been appointed market the 207 Bridge Road property, which comprises a 645sqm Commercial 1 zoned site with development approval for a 54-unit apartment project.
Selling agent Chao Zhang, who is marketing the property in conjunction with Lewis Tong, Scott Orchard and Jimmy Tat, said Richmond’s strengthening appeal as a residential market would underpin interest in the site.
“The surging popularity of apartment living in Richmond has been driving strong sales results, with a number of successful projects along Bridge Road already. The area’s growing residential base is helping change the landscape and reinvigorate the popular retail strip,” Mr Zhang said.
“This property’s permit provides developers with a strong height precedence and building envelope given the large land size, and flexibility to adjust the internal configuration of the residences.”
Mr Tong said the property was expected to generate interest in excess of $5 million when it goes to auction in September.
“207 Bridge Road is positioned to attract strong interest from a range of local and offshore developers looking to capitalise on the surging growth in popularity and demand for higher density living in the area,” Mr Tong explained.
“Our team is seeing growing demand from offshore developers that are taking comfort in strengthening demand from the local market for well-designed apartment product, in proven blue chip areas like Richmond.”
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