MELBOURNE, 10 May, 2024 – The burgeoning Build-to-Rent (BTR) market in Melbourne is set to receive a significant boost with the unveiling of a prime development opportunity by Normanby & Munro.
Located at 256-262 Normanby Road, South Melbourne, this permit-approved site offers an unprecedented canvas for BTR and Build-to-Sell (BTS) developers and comprises two side-by-side warehouses on a substantial land size of 2,023sqm*.
For sale exclusively through Daniel Wolman, Hamish Burgess, Marcus Neill and Oliver Hay of Cushman & Wakefield, the site's permit-approved envelope allows for a generous 25,000sqm* Gross Floor Area (GFA).
Daniel Wolman, Cushman & Wakefield’s, International Director and Co-Head of Investment Sales believes this site presents a compelling opportunity for various buyer types, notably Build-to-Rent and Build-to-Sell developers/operators, with the chance to create transformative living spaces tailored to meet the growing demand for rental accommodation in Melbourne.
“With the potential for a building envelope of circa 25,000sqm GFA, the property holds appeal for both owner-occupiers and investors alike and will undoubtedly attract BTR and BTS developers/operators."
Mr Wolman went on to say what makes this opportunity even more compelling is its financial viability. “Generating a robust passing income of $473,602 per annum (Net), the property not only promises long-term returns but also appeals to owner-occupiers and investors seeking steady income streams.”
Located in the Montague Precinct, 2kms from the Melbourne CBD, the site is surrounded by a number of large-scale projects backed by institutional capital partners such as Greystar, Local, CDL, R Corporation and Gamuda Land.
256-262 Normanby Road, South Melbourne is for sale by International Expressions of Interest (EOI) closing Thursday 20 June at 2pm (AEST).
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2022, the firm reported revenue of $10.1 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG) and more. For additional information, visit www.cushmanwakefield.com.
