447 Church StreetRichmond VIC 3121
Property Details for 447 Church St, Richmond
Last Listing description (July 2016)
THIS OFFERING PROVIDES AN EXCITING OPPORTUNITY TO ACQUIRE A LONG TERM INVESTMENT WITH A BLUE CHIP TENANT IN THE HEART OF MELBOURNE'S TIGHTLY HELD HOSPITALITY MARKET.#FREEHOLD INVESTMENT IS SECURED BY A LONG TERM LEASE TO DIXON HOSPITALITY, WITH A MAXIMUM TENURE TO 30 JUNE, 2049. PASSING RENTAL INCREASES TO $346,112 PER ANNUM PLUS GST ON 1 JULY, 2016.#ANNUAL RENTAL INCREASES OF 4% WITH REVIEWS TO MARKET OCCURRING AT THE COMMENCEMENT OF EACH OPTION PERIOD.#PROMINENT CORNER ALLOTMENT OF 485 SQUARE METRES (APPROX.), WITH 17.42 METRE FRONTAGE TO BUSY CHURCH STREET.#THE LEASE REQUIRES THE TENANT TO SPEND A FURTHER $1,835,000 UPGRADING THE VENUE, WITH BOTH PARTIES AGREEING TO WORKS STARTING NO LATER THAT 30 JUNE, 2017 AND TO BE FINISHED NO LATER THAN 30 JUNE, 2019. WE NOTE A MARKET REVIEW IS TO FOLLOW IN 2024.
Property History for 447 Church St, Richmond, VIC 3121
- 14 Aug 2024Sold for $9,000,000
- 11 Jul 2016Listed for Sale Not Disclosed
- 11 May 2016Listed for Sale Not Disclosed
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About Richmond 3121
The size of Richmond is approximately 4.4 square kilometres. It has 20 parks covering nearly 4.9% of total area. The population of Richmond in 2011 was 23,814 people. By 2016 the population was 27,711 showing a population growth of 16.4% in the area during that time. The predominant age group in Richmond is 20-29 years. Households in Richmond are primarily childless couples and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Richmond work in a professional occupation. In 2011, 43.2% of the homes in Richmond were owner-occupied compared with 40.8% in 2016.
Richmond has 22,219 properties. Over the last 5 years, Houses in Richmond have seen a 3.86% increase in median value, while Units have seen a 0.62% increase. As at 31 October 2024:
- The median value for Houses in Richmond is $1,391,709 while the median value for Units is $612,696.
- Houses have a median rent of $775 while Units have a median rent of $575.
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