Richmond investments once owned by Wayne Carey for sale
Neighbouring Richmond retail investments once owned by Wayne Carey are for sale.
The two properties – a Red Rooster and chiropractor – covering 294-298 Swan St (pictured, top), were held by the AFL footballer turned commentator for eight years until 2007.
They have been relisted with 196 Mary St – a warehouse converted piano showroom divided by a right-of-way (on title) which would become redundant if the amalgamated site was redeveloped.
All up covering 1313 square metres, the holdings are expected to sell for c$15 million.
Mr Carey sold the Red Rooster for $1.85m and the neighbouring asset, then occupied by Blockbuster, for $1.435m – in both cases, at a 5.9 per cent yield.
Valuable airspace
The Richmond properties are being marketed as investments – they could return annual rent of $304,000.
However with all leases now short-term – the agents are targeting developers and land bankers too (story continues below).
Also facing Harvey St, the property has 144 metres of road frontage.
“The large site, on a prominent corner, is in one of Melbourne’s most prominent retail and residential areas and has favourable planning parameters providing a Commercial 1 zone and height potential of at least 28m, along with height precedent well in excess of this in the immediate area,” JLL’s Josh Rutman, who is market the properties with Jesse Radisich, Nick Peden and MingXuan Li, said.
“Richmond is one of Melbourne’s most popular residential and business addresses and Swan St offers a highly connected location with easy access to the CBD via [the] tram as well as nearby East Richmond and Burnley train stations,” he added.
Elsewhere in the area, at 480 Swan St, Charter Hall is co-developing a 12 storey office, set to be Australia Post’s headquarters.
Goldfields is behind a hotel this height too, on Church St, replacing a Matt Blatt furniture warehouse.
Earlier this month, meanwhile, Sydney based Fortis was permitted to construct two buildings in the suburb, of 11 and 12 levels, in Brighton Rd and Wiltshire St – about a hundred metres from the Red Rooster.
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