The investor who picked up an under-utilised Melbourne CBD apartment building on a one per cent yield in 2017 is ready to cash in after adding substantial value to the airspace.
Dysin Investment Partners can expect more than $8 million for 21-23 Anthony Street which now comes approved for an 11-level student accommodation complex.
The permit could be reworked for a hotel, traditional ‘own your own’ apartments or office – but isn’t designed with car parks.
It would offer 18 bike racks though.
The outgoing 21-23 Anthony Street
The c1954 three level former office and workshop at 21-23 Anthony St is used as a residential investment with five car garage and rooftop garden: six flats were collecting a total $57,000 in annual rent when it last sold for $5.65m.
At that time, the marketing agents promoted the substantial development upside of the 291 square metre parcel – zoned Capital City 1 in a precinct of the city which has seen a major building boom since 2005.
One of the brokers who promoted it – David Sia – has been given the appointment again.
Now with a newly formed team and company, Tiga Commercial, the executive is selling 21-23 Anthony St with colleagues Nicholas Hii and Martin Leong, both who also recently held posts at “big four” commercial agencies.
Dysin is also planning a rooftop garden at 21-23 Anthony St.
Its permit allows for 76 studio style units in a 12-level, 12.2 metre wide structure with windows on its east and west.
Each floor has an average of eight dwellings. The top will also contain an inbuilt BBQ, dining tables and seating areas (story continues below).
Slab Architects, which was this month approved to develop its headquarters, in Collingwood, penned the CBD proposal.
All the new neighbours
The Dysin block is in a small lane between Franklin and A’Beckett streets near Queen Victoria Market.
Addresses west of the market are zoned West Melbourne.
Properties to its north are classified as North Melbourne – except for those in the stretch of Elizabeth Street from Victoria Street to the Haymarket Roundabout – the city’s new Biomedical precinct – which are considered Melbourne.
QVM is also where the area’s biggest redevelopment is taking shape, a redevelopment incorporating the Munro site – a 6329 sqm parcel City of Melbourne acquired for $76m in 2014.
The government controversially onsold a portion of that block, then permitted it for a 38-level apartment building and sold it to PDG, which later flipped it to Mirvac as a completed Build to Rent investment.
Other mooted projects in the pocket include SP Setia’s 65-level Uno at 111 A’Beckett St, branded Paradigm.
A little further away is the State Library train station, part of the $11 billion Metro Tunnel project which will connect North Melbourne and the University of Melbourne to South Yarra via the city.
Recently completed residential projects around 21-23 Anthony St include the 92-storey Aurora Melbourne Central at 224 La Trobe St, Victoria One at 452-472 Elizabeth St, Light House at 450 Elizabeth St, Swanston Central at 168 Victoria Stand Iglu Melbourne City at 229 Franklin St.
The former Central Equity headquarters at 350 Queen St on the south east corner of A’Beckett was recently replaced with a couple of 80 floor skyscrapers – a project called Queens Place.