The assets now for sale at 337-341 Swan Street, Richmond, comprise two buildings of 170 square metres (337 Swan St) and 370 square metres (339-341 Swan St) including a modern, single-level showroom in excellent condition and a single-fronted, Victorian retail premises in good condition.

The 553 square metre site, zoned Commercial 2, has nearly 14 metres frontage to Swan Street and further frontages to Beissel Street at the rear and a laneway along one side.

Located between Church and Burnley streets in the heart of Swan Street, the property is within walking distance of Burnley Railway Station and within three kilometres of the Melbourne CBD.

The buildings will be sold by Expressions of Interest closing Wednesday, October 23 at 3pm.

According to marketing agents Teska Carson’s Adrian Boutsakis and Michael Taylor, the property will be sold with leases in place to two tenants contributing to a combined income of $134,316 per annum net.

At a glance:

• A significant 553 square metre development opportunity housing two buildings to be sold by Teska Carson
• The properties at 337-341 Swan Street, Richmond, comprise a modern single-level showroom and single-fronted Victorian retail premises
• The assets will be sold with leases in place contributing to a combined income of $134,316

Mr Boutsakis said the property offered an exceptional opportunity for a developer within arguably Melbourne’s best city fringe hospitality and prestige car showroom strip.

“The property at 337-341 Swan Street represents an outstanding development opportunity (STCA) comprising a large site with excellent three street access and secure holding income in one of Melbourne’s most desirable city fringe precincts,” he said.    

“The precinct has seen a continuous upsurge in popularity including several high-profile retail, residential and commercial developments which have established a seven-level height precedent.’’

Boutsakis said the precinct had also become popular with Prestige Car Showrooms including Ferrari, Rolls Royce, Audi and Lamborghini along with boutique showroom retailers.

Mr Taylor said properties of this quality and versatility in Richmond and Cremorne had become highly prized and that he expected the attraction to continue given Melbourne’s nation-leading population growth.

He also said the land was located within the City of Yarra’s Swan Street Structure Plan which identified Swan Street East as a major activity centre.

“Precinct 3 of the plan, between Church and Burnley Streets, has been identified as having potential for more intensive development with mid-rise development of six to 12 stories envisaged,” Taylor said.

He said the purpose of Commercial 2 zoning was to encourage commercial areas for offices, appropriate manufacturing and industries, bulky goods retailing, other retail uses, and associated business and commercial services.

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