photo: 550 Swan Street, Richmond ground shot
Under Instructions from KordaMentha as Receivers and Managers Appointed, a highly versatile development, investment or land bank opportunity in one of Melbourne’s most vibrant and sought-after retail and lifestyle precincts.
550 Swan Street, Richmond offers a substantial two-level building brimming with character, boasting 2,758sqm* of Gross Floor Area (GFA) alongside convenient on-site parking. The property sits on a Commercial 1 zoned landholding, spanning 1,627sqm* and featuring an impressive 40m* of Swan Street frontage.
Exceptionally positioned within the ‘Parks Precinct’ of Swan Street, Richmond, 550 Swan Street presents an unparalleled investment or development prospect. Its large footprint on Swan Street, coupled with a sound two-level showroom and office building providing short-term income, underpins its strong property fundamentals.
Situated amidst lush greenery, including Ryan’s Reserve, Burnley Park, Burnley Golf Course, Golden Square Bicentennial Park, and the majestic Yarra River, any future development holds promise of unparalleled vistas and an enhanced lifestyle experience for residents and workers alike (STCA).
Moreover, the property's 40-metre north-facing frontage opens doors to exceptional northern views, offering an uninterrupted vista up leafy Bendigo Street towards Studley Park. This strategic location within the Richmond area, a dynamic and sought-after precinct, is home to some of Melbourne’s most highly regarded developments.
Notable mentions include Charter Hall’s nearby 12-level commercial development anchored by Australia Post and Home’s hugely successful integrated BTR and Retail development, ‘Richmond Traders’, comprising 368 apartments, a Coles, and 16 specialty stores.
The property's development potential is further accentuated by its highly flexible Commercial 1 zoning and its inclusion within the Swan Street Activity Centre, notably the Burnley Station Precinct.
Currently, it enjoys a robust short-term income profile, yielding $475,796*^ + GST per annum, with flexible lease arrangements tailored to suit owner-occupiers or developers seeking to activate the site in the short-term, presenting ample rental upside opportunities. Furthermore, there is potential for major redevelopment, subject to council approval, aligning with the trajectory of neighboring developments such as 480 Swan Street by Charter Hall.
The precinct's commercial viability is underscored by endorsements from major corporations, including Australia Post, Bunnings, and REA Group. Nestled within Richmond's esteemed 'Parks Precinct', the property enjoys a serene ambiance, surrounded by Burnley Park, Golden Square Bicentennial Park, Burnley Golf Course, and the majestic Yarra River. Its accessibility is unparalleled, with tram services traversing Swan and Church Streets, interconnected bicycle trails, and proximity to Burnley train station, offering unobstructed vistas towards the Yarra River.
The property is for sale through Daniel Wolman, Hamish Burgess, and Joe Kairouz of Cushman & Wakefield and Jesse Radisich, Josh Rutman, and Tim Carr of JLL.
Daniel Wolman of Cushman & Wakefield commented,
"550 Swan Street presents a unique opportunity for a diverse range of buyers, from investors and occupiers seeking a well exposed Richmond footprint to developers eyeing significant redevelopment potential. The versatility of this property ensures broad appeal within the market."
Jesse Radisich of JLL added,
"Richmond's commercial and lifestyle precinct is undergoing rapid evolution, attracting attention from major corporations and investors alike. The combination of strategic location, diverse amenities, and growth potential makes 550 Swan Street a compelling investment opportunity."
550 Swan Street, Richmond is For Sale by International Expressions of Interest closing Wednesday 24 April at 2 pm (AEST).
*Approximate
^ Gross
