GrayJohnson has successfully negotiated the off-market sale of two adjoining industrial assets in Richmond’s coveted eastern corridor for circa $5,200,000, representing a significant premium for the city fringe precinct.
The properties, positioned just minutes from the Hawthorn border, were snapped up by a purchaser with “special interest” in the site, resulting in a price point well above recent comparable market results. The transaction was handled entirely off-market, requiring zero public marketing spend to achieve a record-shattering rate for the area.
The sale comprises a total land area of 750 sqm with a combined building footprint of 557 sqm. The figures reflect a premium land rate of $6,933/sqm and a building rate of $9,335/sqm. The property was sold with a lease in place.
GrayJohnson Director, Matt Hoath, says the result shows the appetite for well-located industrial land in Melbourne’s inner eastern pockets.
“This is a standout result that defies current broader market trends,” says Hoath “To achieve a building rate of over $9,399 per square metre in an off-market capacity speaks volumes about the scarcity of quality industrial stock on the Richmond-Hawthorn fringe.
The purchaser’s specific requirement for the site allowed us to secure a price that sits comfortably above market expectations. It’s clear signal that for the right assets, the city fringe remains incredibly resillient.”
Key Transaction Details:
• Sale Price: Circa $5,200,000
• Total Land Area: 750 sqm ($6,933/sqm)
• Total Building Area: 557 sqm ($9,335/sqm)
• Estimated Yield: 2.72%
• Tenancy Status: Sold with lease in place
• Location: Eastern end of Richmond (bordering Hawthorn)
The sale reinforces GrayJohnson’s reputation for connecting quality assets with high-intent buyers through discreet, targeted negotiations.
