Developer lists gateway site with fresh ministerial permit
Four months after receiving ministerial approval to replace a gateway Melbourne site with three apartment buildings flanking a supermarket, the owner has listed it for sale.
The 7811 square metre amalgamation – nearly two acres – at the north west corner of Macaulay and Boundary roads, North Melbourne, is expected to sell for more than $45 million, likely to a build to rent provider.
The permit is for 23,717 sqm of residential – or 394 dwellings – 2743 sqm in four retail tenancies and 190 car parks. The gross floor area is nearly 40,000 sqm.
The listing comes as Macquarie backed Local completes a BTR project at the nearby north west corner of Macaulay Rd and Stubbs Street, Kensington, with 483 apartments.
US-based Hines also owns a BTR site in the pocket – 36-58 Macaulay Rd, North Melbourne, cost it c$30m in early 2022 and was recently permitted for 207 dwellings.
Gateway site
Covering 218-246 Macaulay Rd and 23-25 Boundary Rd, the permitted project, being marketed as Macaulay Walk, would contain two 12 level towers behind a six storey building.
The bulk of apartments – 156 – will be configured with one bedroom.
There are also 82 studios, 132 two bedroom apartments and 24 three bedroom units planned.
Many south and east facing dwellings will have city skyline view security down Macaulay Rd (story continues below).
Meanwhile the supermarket tenancy will spread 1986 sqm with 52 of the car parks.
The basement will contain 10 motorcycle parks and 484 bike storage spaces too.
“The land is also walking distance from three train stations, an abundance of parks and the city’s health and education epicentre,” LAWD agent Lukas Byrns, who is marketing the site for Ceapal Pty Ltd with Peter Sagar, said.
“We anticipate extremely strong interest from apartment developer and BTR groups with global institutional capital who will value the recently received and carefully curated permit-approval,” he added.
“Now that construction costs have stabilised and the interest rate outlook is more positive, the site offers a development opportunity that eliminates planning risk,” according to the executive.
“It is an opportune time to secure an outstanding permit-approved project which will deliver product in a market where the demand for rental properties continues to increase due to a severe undersupply of housing”.
Co-living, student accommodation, aged care providers, as well as traditional residential developers, are also expected to consider the North Melbourne site, at the edge of the Macaulay and Arden urban renewal zones.
“Macaulay Rd has become a vibrant strip within the Macaulay Urban Renewal Precinct of North Melbourne as developers take advantage of the gentrifying suburb, abundance of amenity and large lot sizes previously used for warehousing and manufacturing,” Mr Byrns said.
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