Property sales in Richmond are nothing new, but they have been coming in thick and fast for realtor Gross Waddell across the past couple of months.

The agency has overseen a trio of recent sales within the suburb and will conduct an auction for a fourth at 1/290-292 Bridge Road Thursday, September 19.

Senior Associate Andrew Greenway managed the campaigns of 619-623 Bridge Road, 129 Burnley Street and just recently, 111 Hoddle Street.

At a glance: 

• Gross Waddell has been responsible for three commercial sales in less than two months within the suburb of Richmond.
• 619-623 Bridge Road and 129 Burnley Street went to auction, while 111 Hoddle Street was sold privately.
• The agency will conduct an auction for a property at  1/290-292 Bridge Road on Thursday.

Both 619-623 Bridge Road and 129 Burnley Street were sold via auction, with the former selling for $400,000 above the reserve price at $4.4 million

Mr Greenway said while each property had received a different response from buyers, there had been similarities in the sales.

"Both properties returned sub-4 per cent yields," he said.

"The property at Burnley Street was passed into the highest bidder and negotiated, so it was technically sold straight after auction.

"Burnley Street is a secondary strip to Bridge Road, so I would expect the upcoming auction of 1/290-292 to present a good buy for investors."

Situated within the tightly held Bridge Road Town Hall precinct, 1/290-292 Bridge Road comprises a net lettable area of 96 square metres and has an annual net rental income of $67,491.

The property is leased to About Body Skin Clinic on a five-year lease with a five-year option to extend which commenced in April 2016.

Sales and Leasing Consultant Benjamin Klein, who is managing the campaign, said an expected yield of about seven per cent meant strong interest in the site was expected.

"The rent for this one is about $700 per square metre, which is why the yield will be a little bit higher," he said.

"The inner-city Melbourne market is definitely getting stronger so I can see this trend continuing.

Click here to view 1/290-292 Bridge Road on the Gross Waddell website.

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