A 470 square metre, two-level corner building at 5 Stewart Street, Richmond has been sold at a “staggering” land rate of $17,400/sq m in front of a crowd of more than 50 people.

Savills Australia’s Clinton Baxter, Jesse Radisich and Glenn Ye brokered the deal for the office building, which was sold with vacant possession to a local investor.

Mr Baxter said the sale showed the market was still "powering along" in Richmond.

“The land rate demonstrates the huge demand that exists for properties within the Cremorne area, increasingly becoming known as the Silicon Valley of Melbourne, with many technology companies moving into the precinct,” he said.

His sentiments were echoed by Mr Radisich, who highlighted the significant investment uptake in the area.

“A whole range of owner-occupier businesses, investors and land-bankers with an eye on future development options showed strong interest throughout the campaign,” he said.

“Many buyers are looking to break into this market, with huge ongoing upside expected over coming years.”

The vendor intends to relocate his business to St Kilda.

Click here to view the original listing.

Source: Savills Melbourne

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