An unprecedented hectare landholding with three extensive street frontages and direct river frontage in Richmond has come to market, with a Commercial 1 zoning providing scope for a wide range of uses including residential apartments, build-to-rent and retirement uses, amongst others.
LAWD agents Lukas Byrns, Paul Callanan and Peter Sagar have been exclusively appointed to sell 43-67 River Street, Richmond via an Expressions-Of-Interest campaign on behalf of the Vendor, with Michael Jackson of JACX Property and Tom Byrnes of Charter Keck Cramer acting as Transaction Advisors.
The Richmond property has come to the market following an extensive internal review of the NHP’s longer-term operational requirements and the subsequent purchase of an office building in Hawthorn East.
The Commercial 1 zoned site benefits from extensive street frontages to River Street, Crown Street and Murphy Street in addition to over 100m of frontage to the Yarra River. The site is on the doorstep of Richmond’s flourishing shopping and restaurant precincts and the city’s top tourist attractions, including the Melbourne Cricket Ground, Rod Laver Arena, AAMI Park and the Sidney Myer Music Bowl.
LAWD Director Mr Byrns said the scarce nature, location and scale of this site will spark strong demand from publicly listed and private developers.
“What makes this site so appealing is that it’s right in the thick of Richmond, with all its retail and dining precincts and easy access to cultural landmarks, but the riverside location makes it a quiet oasis for high-end apartments, with views over the river and city skyline,” Mr Byrns said.
“A hectare of land with 106 metres of Yarra River frontage just three kilometres from the city is very rare, and this will be highly sought after by large institutional developers who can see Melbourne’s property market gaining momentum.”
43-67 River Street is firmly entrenched within proximity to prestigious schools in nearby Kew and Hawthorn and the site boasts a seamless connection to expansive parks, golf courses and green spaces.
Public transport is abundant, with Hawthorn and Burnley Train Stations a short walk away, tram networks on Bridge Road providing immediate CBD access, and the M1 Monash Freeway less than two kilometres away.
Highlighting the scale of the site, preliminary concept plans for a mixed-use project indicate the potential development for 169 luxury apartments and 10 townhouses, with 322 residential car parks. Residents will enjoy multiple vantage points and significant views of the city as well as the uninterrupted ambience of the river and surrounding area.
LAWD Director, Paul Callanan said it was a good time to purchase in an improving market with current and forecast population growth, low vacancies, and the lack of supply of new dwellings.
“Victoria is the fastest-growing state in the country and Melbourne is set to become Australia’s largest city by the end of the decade,’ Mr Callanan said.
“The project offers clear planning pathways and can easily be staged.”
“We have seen an influx of activity for well-located, owner-occupier apartment sites over the past six months, as developers position themselves to have apartment products to sell to an improving market over the next year.”
43-67 River Street Richmond is available For Sale via Expression of Interest closing at 2.00 pm Thursday 1 May 2025.
