Industry super fund-backed developer Cbus Property has snapped up a one-hectare site in inner-city suburban Melbourne along the Yarra River and plans to build a $400 million residential development featuring a mix of apartments and townhouses.

Listed for the first time in 44 years, the commercial site at 43-67 River St, Richmond, was bought by Cbus Property for more than $50 million, industry sources revealed, and is predominantly occupied by NHP Electrical Engineering Products.