Cbus Property acquires 25th development in Greater Melbourne area for proposed $400 million residential development

National award-winning integrated property investor and developer, Cbus Property, has acquired a circa one-hectare residential development site at 43-67 River Street, Richmond, for a proposed $400 million residential development.

Home to electrical engineering products manufacturer, NHP, for approximately 40 years, it represents the last Commercial 1-zoned site in this pocket of the city, which is undergoing a dynamic new phase of residential development.

Cbus Property’s Chief Executive Officer, Adrian Pozzo, said that 43-67 River Street encapsulated an opportunity to enhance the existing micro-village atmosphere of the area.

“In recognising the uniqueness of the site’s elevated position with uninterrupted views of the Yarra River and raised view lines back to the city, we have seized an opportunity to evolve and add value to the existing neighbourhood of residential apartment complexes developed to the north and south of the site in the early 2000s,” he said.

“It is almost a forgotten part of Richmond with its sense of peace and tranquillity, its connection to the greenery and open space of the banks of the Yarra River and its proximity to Hawthorn.”

Mr Pozzo went on to say that the River Street development would “meet the market of its locale”.

“As is the case with all of our developments, we are committed to continue to offer the exceptional quality for which we are known with a product for all demographics – and notably, for right-sizers seeking quality residences,” he said.

“We believe the current market is not being catered for by existing apartment complexes or projects currently under construction, with a product that is relatively more affordable for many prospective purchasers, while also meeting their expectation for quality.

“Exceptional quality should not necessarily equate to a premium price tag.”

Cbus Property has appointed SJB Architects to prepare a preliminary concept design, marking the pair’s second Melbourne venture since Warleigh Grove in Brighton. SJB Architects has also collaborated with Cbus Property on the second stage of its Newmarket Randwick masterplan in Sydney’s eastern suburbs.

The concept design comprises 187 one-, two- and three-bedroom residences across two 10- and 12-level apartment towers, as well as a row of multi-level townhouses fronting the Yarra River. The residences will share a two-level basement car park.

Proposed to encompass an indoor pool, residents’ co-working space and communal rooftop terrace, the extensive common amenity is anticipated to be a key selling point, consistent with the exceptional quality for which the Cbus Property brand has come to be renowned and celebrated.

Mr Pozzo also noted the extensive surrounding amenity as a key drawcard of the site’s location, with the retail centres of Bridge Road and Victoria Gardens within walking distance, trams 150 metres away and Hawthorn’s Burwood Road a five-minute drive

“The neighbouring streets are filled with interesting new businesses, such as micro-breweries, coffee roasters and artisan bakers, fitness studios and even a doggy daycare centre – not to mention easy connectivity to the CBD and the proximity of parks, public transport, childcare and schools,” he said.

“With a walking and bicycle trail at its doorstep that goes directly to the city alongside the Yarra River, this location truly is a connected community surrounded by residential neighbourhoods, with the leafiness of Hawthorn just across the river.

“We are anticipating strong interest in this unique offering and encourage prospective purchasers to register their interest when the sales campaign launches next year.”

In line with Cbus Property’s enduring commitment to sustainable design principles, 43-67 River Street is planned to deliver healthy, resilient and energy-efficient residences with an intrinsic focus on quality, comfort, wellbeing and a sustainable lifestyle for its future residents.

A planning application for the 43-67 River Street site will be lodged later this year, with the sales campaign anticipated to launch in the third quarter of 2026 and construction slated to commence in early 2027.