A local family has been approached from several local and international groups eager to acquire their 7,811 sqm* landholding at 218-246 Macaulay Road & 23 Boundary Road, North Melbourne, for circa $50m.
Just 2kms from the Melbourne CBD, this large-scale landholding is located at the prominent axis of Boundary and Macaulay roads and is for sale exclusively through Lukas Byrns and Marcus Neill of Cushman & Wakefield Metropolitan Markets, who said the Flexible Commercial 1 Zone with a Design Development Overlay allows for 12 levels and provides the ability to create a truly iconic development of significant scale.
North Melbourne's major regeneration area, namely the Macaulay Precinct is experiencing huge demand from developers and Build to Rent (BTR) groups due to its highly coveted proximity to the CBD, sprawling views, amenity and new infrastructure.
Confidence continues to mount within Melbourne’s CBD fringe locations, particularly North Melbourne, with the recent sales of 350 Macaulay Road to Partner Developments / Local & Macquarie - with plans for 424 units and the sale of 36 Macaulay Road to Hines - in December of 2021 and plans for a 220-unit development.
Image: 218-246 Macaulay Road, North Melbourne
Lukas Byrns said “With exceptional panoramic unrestricted views to the Melbourne CBD, 218-246 Macaulay Road, North Melbourne offers a blank canvass for a developer to create a striking Large scale Mixed-Use Project with suitable uses including Residential apartment or Build to Rent, Co-Living, Student Accommodation, Retirement, Office, Hotel, retail and or medical (STCA).
“Preliminary concepts prepared comprise of 443 apartments (NSA 28,347 sqm*) Retail (NLA 1,895 sqm*), 270* carparks and a total GFA of 39,239 sqm*.
The site currently comprises four office warehouses and signage, on grade carparking for 55 cars and provides a passing income of $549,885.
The site is within walking distance to some of the best and most vibrant cafes, bars, food and beverages offerings and is within close proximity to Kensington Village, Royal Park, Princes Park, and North Melbourne Recreation Centre, with outstanding connectivity with two train stations, including Arden Station which is due for completion by 2025, Tullamarine Freeway, Moonee Ponds Creek and Trail.
Marcus Neill said “There is strong demand for apartments and Build to Rent product and due to limited supply and population growth is set to resume as borders begin to reopen.
“We are dealing with a wide range of investors and developers, often backed by global institutions, all with a strong desire to place capital into build-to-rent projects in Australia with almost 60% of the total number of BTR projects either under construction or planned in Melbourne.
“We have already experienced significant interest from apartment developers and Build to rent groups, given its prime location and outstanding views, this is by far the best located site in North Melbourne”.
“We have also seen an 11.5% increase in the last 12 months to median house prices in North Melbourne, which is continuing to price potential purchasers out of the established housing market in this area”.
The property forms part of the Macaulay Renewal Precinct; a 90ha project that will transition into a mixed use, mid-rise neighbourhood with a distinct inner urban character and is adjacent to the Arden Transport Precinct; a 50ha Victorian State Government sponsored masterplan and this significant infrastructure will further enhance the location and create a seamless transition from the CBD to both North Melbourne and to neighbouring Kensington.
Mr Byrns said, “The scarcity of quality sites in Melbourne has led to significant competition for quality opportunities and 218-246 Macaulay Road, North Melbourne will be highly sought after by apartment developers and Build to rent groups seeking to take a foothold into this emerging precinct.”
218 to 246 Macaulay Road, & 23 Boundary Road, North Melbourne is offered for sale by Expressions of Interest closing 31 March at 1pm AEDT.
