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Build-to-Rent Developers line up for coveted Melbourne Sites


Melbourne’s fringe areas are proving to be 2022’s hot-ticket investment choice for developers with Altis Property Partners & its investment partner, Aware Super, being one of the first to snap up a coveted site in Preston for $14,040,000.


Located only 7.6km from the Melbourne CBD and with a Flexible Commercial 1 zoning, the 3,029sqm site at 6-34 High Street is within the "Golden Triangle" in the southern end of Preston, conveniently close to Thornbury and Northcote.


Sold by owner occupier PaintMobile, who used the property as a retail outlet and warehouse, the site has an approved planning permit for a large-scale mixed-use 18-level project comprising 174 apartments (12,383 NSA) retail (1,626 NLA), 198 basement carparks and a total GFA of 25,061sqm.


Sold through Lukas Byrns and Marcus Neill of Cushman & Wakefield Metropolitan Markets, the site benefits from a 56m height control with a frontage to High street of 63.5m* and a maximum depth of 61.5m.


The proposed design takes advantage of the almost junction location of the property, creating the opportunity for a truly iconic building to be delivered.


According to Lukas Byrns, Head of Metropolitan Markets, this is a very solid result for Preston, with a mix of build-to-sell and build-to-rent (BTR) developers vying for the site.


6-34 High Street  


“This is our third recent sale to build-to-rent developers across suburbs Brunswick, Docklands and now Preston, with over 1,000 new units in the pipeline.


“The fundamentals of the apartment market are strong and supercharging the BTR sector due to an undersupply of new apartments being constructed, sustained long-term population growth and affordability challenges caused by increasing house prices.


“We are dealing with a wide range of groups, often backed by global institutions, all with a strong desire to place capital into build-to-rent projects.”


Alek Misev, Aware Super’s Senior Portfolio Manager – Property, said it was an ideal site for the Fund’s next affordable housing development for essential workers in Melbourne.


“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,” Mr Misev said.


“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.


“We also know how highly they value such housing. We’re delighted that we’ll be adding Preston to the list of locations where we’re helping to address this demand and support essential workers.”


A range of transport links via road, rail, bus and tram to the Melbourne CBD and to the surrounds provide convenient access to extensive local outdoor space, vibrant amenity, numerous schools and health and leisure facilities.


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