A premium accommodation asset with towering views located at 18 Moray Street in Melbourne’s Southbank is being put to market two years following the building’s completion and having never opened its doors to the public.
The complex comprises 115 fully furnished apartments with 160 keys, plus three cold-shell penthouses, 34 secure car parks as well as premium gym facilities and reception area. The apartments are ready to occupy, offering 1, 2 & 3 bedroom configurations with abundant natural light and unobstructed views.
“This is a truly significant and unique opportunity, it is rarely seen that a building of such scale and built to such a premium standard is readily available to purchase and occupy” said Savills Associate Director, Tanya Su, who is appointed to sell the property with colleagues Julian Heatherich, Nick Lower and Conal Newland.
The asset is suited to hotel, Build-to-Rent, and Coliving operators, and will also appeal to value-add investors given the potential to fit-out the upper level penthouses.
“We expect strong interest from these prominent buyer groups given the unrepeatable nature of the opportunity. In the current climate, bypassing construction costs for a well-located asset of scale is incredibly advantageous” stated Savills State Director, Julian Heatherich.
A hotel use shows great promise given the returning requirement for short-stay accommodation in Melbourne, says Nick Lower, State Director and head of Savills Hotels team.
“Hotel performance in particular sectors, is back above pre-Covid 19 levels and continues to strengthen. Areas of Melbourne continue to outperform expectations and with pipeline delivery times uncertain, there is a window of opportunity to take advantage of” said Mr Lower.
Build-to-Rent and Coliving operators will also be seeking to maintain their pipelines with an opportunity such as this. Southbank, in particular, has been a strong target for groups leveraging off the Build-to-Rent model.
“Coliving is an emerging asset class that has rapidly gained popularity in major markets in North America, Asia and Europe over the last decade. Emerging now in Australia as an exciting new form of housing, Coliving is quickly becoming a mainstream and attractive concept,” stated Conal Newland, National Head of Operational Capital Markets at Savills.
“Common themes of the Coliving model include fully furnished accommodation, flexible medium term rental periods, and shared communal living spaces in desirable central areas” said Mr Newland.
The property is situated on the north-west corner of Moray Street and Catherine Street within Southbank’s famous Crown Casino precinct.
“Underpinning the opportunity is the premium location on the doorstep of Melbourne’s CBD. The building is a short stroll from some of the world’s most highly regarded restaurants, luxury hotels, top end retail shopping, cinemas and one of the Melbourne’s principal attractions – Crown Casino,” said Ms Su.
18 Moray Street, Southbank is for sale via International Expressions of Interest closing Wednesday 30th of November at 2pm AEDT.