The four homes that were built in The Block are set for new neighbours, with Coles planning to build for a $250 million, 333-dwelling apartment complex opposite Cameron Street, Richmond.
Coles currently owns Richmond Plaza, with a car park that faces Cameron Street, but it has lodged plans with Richmond Council to replace it with 12 storeys of apartments and shops.
Such development would directly impact on their real estate values.
One Block buyer told The Age, ”We thought Coles was going to be doing some revamping but we weren’t aware there was going to be an apartment block.”
The four properties were sold for a combined total of $3,637,000.
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