Versatile Victoria Street Freehold

Posted on 13th October 2023

A fantastic opportunity for investors, owner occupiers and value-add players to get into buzzing Victoria Street, Richmond has hit the market.

Fitzroys’ Shane Mills and David Bourke are marketing 162a-164 Victoria Street, which will go to public auction on Friday, 20 October at 12pm on-site, in the first time the property has been offered in 30 years.

Price expectations are of $3.5 million-plus.

The high-profile property comprises a prominent 848sqm two-level building offering showroom and warehousing accommodation and situated on a prime city fringe landholding of 605sqm and which benefits from dual frontages , and with favourable Commercial 1 zoning that offers developable height potential of up to 24 metres.

The property is currently leased to well-established Asian grocery store Chan Phat until December 2025 with no further options

“Victoria Street’s really buzzing, attracting visitors from across Melbourne to its numerous Vietnamese restaurants, pubs and bars and fresh food offerings, as well as its service-related businesses together with Woolworths and Aldi supermarkets,” Mills said.

Other notable occupants in the surrounds include Abbots Yard, Bakers Arms Hotel, Aviary Hotel, Nice Guys Brewery and Bar, Men’s Suit Warehouse and 4Cyte Pathology.

“Buyers can take advantage of the property’s attractive lease profile, which offers the chance to enjoy a secure cashflow from a well-established tenant while assessing options to value add and/or occupy,” Mills said.

“Occupiers have a fantastic chance to get into a prime city fringe location that attracts visitors from a growing local catchment and across Melbourne.”

Mills said Richmond has witnessed an abundance of medium-density residential and mixed-use developments take place. Situated at the rear of the property is parkland and adjacent is the Victorian government’s $71 million development through Homes Victoria, which will deliver 144 new homes by mid-2025, further boosting the local catchment, while nearby on Burnley Street is Tim Gurner’s 1.3-hectare supersite earmarked for an $800 million mixed-use project, with 500 apartments plus retail village.

Mills said there is excellent potential for value-add buyers in the site, with a height potential of up to 24 metres allowing for a new landmark project that could capture the growing demand for more retail and dining and residential dwellings in the area.

The property is also close to all modes of public transport including tram services along Victoria Street and nearby North Richmond train station, and is near major arterials the Eastern Freeway and Punt Road, making it remarkably accessible.