The first residents, mostly international students, move into the Hayball-designed tower at 600 Swanston Street this year.
The developer’s chief executive, Anton Wilson, of Mider Pty Ltd, said 40per cent of units at Micasa8 sold to international investors, mainly from South-East Asia, who took advantage of a relatively low Australian dollar.
The average apartment price was $225,000.
Mr Wilson said that despite injecting more than 220 units into the area, there was still a shortage of accommodation for students in the inner-northern suburbs. The Victorian Civil and Administrative Tribunal did its bit to fix this, approving an eight-level, 150-unit student apartment building at 3-11 High Street in North Melbourne last month.
Mider also announced last week plans to develop two apartment towers and a hotel on part of the former City Mazda car dealership site, opposite the Queen Victoria Market car park.