Altis Property Partners and Aware Super have teamed to buy another Melbourne Build to Rent site, this time at Preston.
The 3029 square metre Commercial 1 zoned block at 6-34 High Street, also with frontage to Plenty Road, where it is opposite the South Preston Shopping Centre, is trading for $14.04 million.
The vendor, long-time occupier PaintMobile, offered it permit-ready for an 18 storey project (artist’s impression, top) with 174 dwellings, 1626 sqm of retail and 198 basement car parks.
Cushman & Wakefield’s Lukas Byrns and Marcus Neill were the agents.
Last July, Altis and Aware paid Oriental Holdings c$70m for the ex-Bayview on the Park hotel, opposite Albert Park Lake, also with plans for a BTR based project.
Preston project for essential workers
Altis and Aware will target the proposed Preston units to essential workers.
“We’ve been investing in essential worker affordable housing for several years now and we already have almost 1000 apartments completed or in various stages of planning and development across Sydney, Melbourne, Perth and Canberra,” Aware senior portfolio manager, Property, Alek Misev said (story continues below).
“We have many essential workers among our members and we know how difficult it can be for them to find secure, quality housing that’s both affordable and close to their workplaces,” he added.
“We also know how highly they value housing,” according to the executive.
“We’re delighted that we’ll be adding Preston to the list of locations where we’ll be helping to address this demand and support essential workers”.
Near Dundas and Miller streets, also the Thornbury border, this pocket of Preston, eight kilometres from the CBD, has seen rampant high density apartment development over the past decade.
The 6-34 High St acquisition comes 13 months since social housing provider Unison outlaid $2m for a 573 sqm block on Bell St, Preston, with plans for 24 flats in a six level project.
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