Commercial property real estate agent LAWD has announced that the Macaulay Walk Build to Rent scheme in Melbourne’s CBD is on the market and For Sale.
Presented to market exclusively by LAWD, the shovel ready development is an opportunity to deliver much needed rental housing.
The development has price expectations of over $45m. Expression of Interest is being accepted until Wednesday 13 November at 2pm (AEDT).
Situated adjacent to the parkland with views of Melbourne’s skyline, the scheme at 218-246 Macaulay Road is within walking distance of three local train stations, an abundance of parks, and the city’s health and education epicentre.
Designed by architecture firm RotheLowman, the designs for Macaulay Walk feature a six-storey building fronting Macaulay Road, and two adjacent 12 storey buildings comprising 394 apartments, ground floor retail and a supermarket.
The permit contains a gross floor area of 42,105 sqm, including 23,717 sqm of residential Net Saleable Area, 2,743 sqm of retail Net Lettable Area and 190 car parks.
“Macaulay Walk represents the jewel in the crown of North Melbourne.
“It is an exceptional, shovel-ready site, and we anticipate extremely strong interest from apartment developers and Build to Rent groups with global institutional capital who will value the recently received, and carefully curated, permit approval.”
Lukas Byrns, Development Director, LAWD
Macaulay Road forms part of the Macaulay Urban Renewal Precinct of North Melbourne. Developers are taking advantage of the suburb’s potential, abundance of amenity and large lot sizes previously used for warehousing and manufacturing.
Now that construction costs have stabilised, and the interest rate outlook is more positive, LAWD believe that Macaulay Walk offers a development opportunity that eliminates planning risk.
“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.
“We are simply not building enough dwellings to house both the existing and growing population and quality sites like this are extremely rare. In addition to the Build to Rent approval, there is flexibility to provide Build to Sell, co-living, student accommodation and retirement accommodation.”
Lukas Byrns, Development Director, LAWD
As the Melbourne Build to Rent and Build to Sell apartment markets remain undersupplied, property advisory firm Charter Keck Cramer stated that the trend is anticipated to continue for at least the next three to four years, making sites like Macaulay Walk attractive to investors.
“At this point in the cycle, sites in A-grade locations and which have been derisked from a planning perspective are likely to be very attractive to investors and developers as they will be able to be activated the fastest as the market continues to recalibrate.
“Notwithstanding the short-term uncertainty, the industry needs to prepare for the commencement of a very strong and long cycle.
“This means having a pipeline of sites ready to activate as well as strong relationships or arrangements with builders to build out these projects.”
Richard Temlett, National Executive Director, Charter Keck Cramer
Currently owned by Ceapal Pty Ltd, the development benefits from flexible Commercial 1 Zoning and proximity to the billion-dollar Arden Transport Precinct, alongside hospitals, major universities and schools.
