Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting to read:%0A%0A {0} %0A%0A {1}

Build to Rent Groups continue to swoop on Melbourne’s Macaulay Precinct


A local family has been approached from several local and international groups eager to acquire their 7,811 sqm* landholding at 218-246 Macaulay Road & 23 Boundary Road, North Melbourne, for circa $50m.


Just 2kms from the Melbourne CBD, this large-scale landholding is located at the prominent axis of Boundary and Macaulay roads and is for sale exclusively through Lukas Byrns and Marcus Neill of Cushman & Wakefield Metropolitan Markets, who said the Flexible Commercial 1 Zone with a Design Development Overlay allows for 12 levels and provides the ability to create a truly iconic development of significant scale.


North Melbourne's major regeneration area, namely the Macaulay Precinct is experiencing huge demand from developers and Build to Rent (BTR) groups due to its highly coveted proximity to the CBD, sprawling views, amenity and new infrastructure.


Confidence continues to mount within Melbourne’s CBD fringe locations, particularly North Melbourne, with the recent sales of 350 Macaulay Road to Partner Developments / Local & Macquarie - with plans for 424 units and the sale of 36 Macaulay Road to Hines - in December of 2021 and plans for a 220-unit development.


Image: 218-246 Macaulay Road, North Melbourne


Lukas Byrns said “With exceptional panoramic unrestricted views to the Melbourne CBD, 218-246 Macaulay Road, North Melbourne offers a blank canvass for a developer to create a striking Large scale Mixed-Use Project with suitable uses including Residential apartment or Build to Rent, Co-Living, Student Accommodation, Retirement, Office, Hotel, retail and or medical (STCA).


“Preliminary concepts prepared comprise of 443 apartments (NSA 28,347 sqm*) Retail (NLA 1,895 sqm*), 270* carparks and a total GFA of 39,239 sqm*.


The site currently comprises four office warehouses and signage, on grade carparking for 55 cars and provides a passing income of $549,885.


The site is within walking distance to some of the best and most vibrant cafes, bars, food and beverages offerings and is within close proximity to Kensington Village, Royal Park, Princes Park, and North Melbourne Recreation Centre, with outstanding connectivity with two train stations, including Arden Station which is due for completion by 2025, Tullamarine Freeway, Moonee Ponds Creek and Trail.


Marcus Neill said “There is strong demand for apartments and Build to Rent product and due to limited supply and population growth is set to resume as borders begin to reopen.

“We are dealing with a wide range of investors and developers, often backed by global institutions, all with a strong desire to place capital into build-to-rent projects in Australia with almost 60% of the total number of BTR projects either under construction or planned in Melbourne.


“We have already experienced significant interest from apartment developers and Build to rent groups, given its prime location and outstanding views, this is by far the best located site in North Melbourne”.


“We have also seen an 11.5% increase in the last 12 months to median house prices in North Melbourne, which is continuing to price potential purchasers out of the established housing market in this area”.


The property forms part of the Macaulay Renewal Precinct; a 90ha project that will transition into a mixed use, mid-rise neighbourhood with a distinct inner urban character and is adjacent to the Arden Transport Precinct; a 50ha Victorian State Government sponsored masterplan and this significant infrastructure will further enhance the location and create a seamless transition from the CBD to both North Melbourne and to neighbouring Kensington.


Mr Byrns said, “The scarcity of quality sites in Melbourne has led to significant competition for quality opportunities and 218-246 Macaulay Road, North Melbourne will be highly sought after by apartment developers and Build to rent groups seeking to take a foothold into this emerging precinct.”


218 to 246 Macaulay Road, & 23 Boundary Road, North Melbourne is offered for sale by Expressions of Interest closing 31 March at 1pm AEDT.

How can we help?

Get in touch with one of our professionals.

Recent Media Releases

Childcare center
Rising rents, sharp yields ahead as competition for childcare centres heats up

Australia’s childcare centre market is poised for growth in 2023, with increased government investment, growth in the nation’s younger population and expected industry consolidation creating a positive outlook for the asset class, a new report shows.

Jess Freeman • 16/03/2023

Industrial (image)
Cushman & Wakefield Builds Market Leading Capital Markets Industrial & Logistics Platform Across Australia

Cushman & Wakefield is gearing up for an exciting 2023 with the appointment of five new Industrial & Logistics Capital Markets team members in Melbourne and Brisbane, as well as the internal appointment of Simon Fenn in Sydney.

Jess Freeman • 08/02/2023

How resilient is your building?

Leonard Hines, Cushman & Wakefield's Senior Building Services Engineer, Project & Development Services sheds light on the resilience of the built environment and what companies can do to future proof their assets.

Jess Freeman • 18/01/2023

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All