Property consultancy LAWD has been assigned to manage the sale of a prime site in Richmond’s Yarra River precinct, which has hit the market for the first time in 44 years. It presents a significant opportunity for Build to Rent, Build to Sell, and retirement living developers.
LAWD agents Lukas Byrns, Paul Callanan, and Peter Sagar are leading the campaign on behalf of the vendor. Michael Jackson of JACX Property and Tom Byrnes of Charter Keck Cramer are acting as transaction advisors.
Preliminary plans for a mixed-use development on the site include 169 luxury apartments, ten townhouses and 322 residential car parks. These plans highlight the potential for a staged development.
Currently occupied by NHP Electrical Engineering Products, the decision to sell follows the company’s review of its operational requirements and subsequent purchase of an office building in Hawthorn East.
“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. 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 product to sell to an improving market over the next year.”
Paul Callanan, Director, LAWD
Located at 43–67 River Street, three kilometres from Melbourne’s CBD, the building is within walking distance of Richmond’s retail and dining precincts, alongside major landmarks such as the MCG, Rod Laver Arena, and AAMI Park.
LAWD believes that the 10,040 sqm site will attract strong interest due to its ideal scale, location and zoning flexibility. The Commercial 1-zoned site offers three extensive street frontages and 106m of direct Yarra River frontage.
The site’s connectivity further boosts its appeal, with Hawthorn and Burnley train stations nearby, tram access via Bridge Road, and proximity to the M1 Monash Freeway. It is also close to Melbourne’s prestigious schools, parks, and golf courses.
“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.
“A hectare of land with 106m 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.”
Lukas Byrns, Director, LAWD
The building is being offered via an Expression of Interest campaign, closing at 2pm on 1 May 2025.
