A rare 10,000sq m parcel at 43–67 River St, Richmond has the potential to set a new suburb price record.
A development site spanning 10,000sq m — roughly half the size of the MCG playing field — has hit the market in Richmond for the first time in 44 years.
Industry sources say the Yarra Riverfront parcel at 43–67 River St could fetch between $50m and $60m, or potentially more.
If it lands at the upper end of that range, the deal could set a new price benchmark for Richmond, with few land sales of comparable scale or value recorded in the inner east in recent years.
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Industry sources told The Herald Sun the site is being given a price guide of around $5000 to $6000 per sq m, placing the expected sale price around $50m – $60m, with the potential to reach the high $60m range depending on competition.
That would place the deal among the highest ever recorded in Richmond, rivalling major acquisitions in the inner suburbs — including Stockland’s $65m purchase of Jetstar’s former Melbourne headquarters in 2024.
Early concepts suggest the site could accommodate 169 apartments, 10 townhouses, and over 320 car spaces.
The site at 43–67 River St sits above the Yarra River, with more than 100 metres of river frontage, triple street access, and sweeping views over the city skyline and leafy Hawthorn.
It’s being offered as a blank canvas for major residential or mixed-use development, with scope for apartments, build-to-rent, retirement living or a flagship lifestyle precinct — all just 3km from the Melbourne CBD.
The land is currently owned by NHP Electrical Engineering Products, which has held the site since the early 1980s.
The expansive Richmond site invites developers to create a landmark precinct, capitalising on its riverfront elevation and panoramic city views.
The business will be relocating to a new purpose-built headquarters in Hawthorn East following a review of its long-term operational needs at the end of the year.
LAWD Director of Development Transactions and Advisory Lukas Byrns, who is leading the sales campaign alongside Paul Callanan and Peter Sagar, said the property is among the most significant development offerings seen in inner Melbourne in recent years.
“It’s absolutely a blank canvas — over a hectare of land right on the river,” Mr Byrns said.
“It’s rare to find a site of this size and location with a clean slate like this. It offers a unique opportunity to create a landmark development.”
Nestled near Bridge Rd, River St residents enjoy immediate access to trendy cafes, boutique shopping, and the serene Yarra River trails.
Just 2 km from Flinders Street Station, the River St site ensures effortless commutes and direct links to Melbourne’s bustling CBD.
Early concept plans suggest the site could accommodate 169 apartments, 10 townhouses, and more than 320 car spaces. Though it is being offered without permits, giving developers the freedom to shape their own vision.
Mr Byrns said the site’s natural elevation provided long-range views, excellent light and a sense of space that’s rare in such a central location.
“It sits proudly above the river, with a clear aspect looking across to Hawthorn,” he said.
“To the west, the surrounding buildings are quite low, so you get expansive city views as well.”
The location is a sports enthusiast’s dream locale, minutes away from the MCG, Rod Laver Arena, and AAMI Park.
A short drive leads to Glenferrie Rd, Hawthorn, renowned for its diverse dining options, vibrant shopping scene, and lively atmosphere. Picture: Josie Hayden
Located within walking distance of Bridge Road trams, Burnley and Hawthorn train stations, and near the Monash Freeway, the site also is walking distance from some of Melbourne’s top cultural and sporting destinations — including the MCG, Rod Laver Arena and AAMI Park — as well as leading schools in Kew and Hawthorn.
Mr Byrns said Richmond’s appeal lies not only in its inner-city location, but in its ability to support thoughtful density thanks to existing infrastructure and strong lifestyle demand.
“It’s a hectare of land in one of Melbourne’s most in-demand inner-city suburbs — and it’s currently under-utilised,” he said.
“Richmond already has all the infrastructure: schools, hospitals, public transport, and cultural drawcards. It’s a suburb people want to live in.”
Expressions of Interest for 43–67 River St, Richmond close 2pm May 1.
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