Comprising 15 strata-titled one-bedroom apartments, the building occupies a 736 sqm* site on the corner of Gatehouse Street and Story Street, directly opposite Royal Park and within walking distance of some of the city’s largest medical and research institutions.
The property has pricing expectations north of $7 million, sitting just 1.8 km* from the CBD and within Melbourne’s Biomedical Precinct, home to the Royal Melbourne Hospital, the Royal Children’s Hospital, the University of Melbourne, and a planned new hospital facility.
The site is in a Neighbourhood Residential Zone (NRZ) and has the potential to generate over $550,000 per annum in gross rental income from private market rent. Strong rental demand in this precinct is driven by the proximity to major employment, healthcare and education hubs, as well as strong public transport connectivity via tram, bus, and train services.
Cushman & Wakefield’s Joe Kairouz, Oliver Hay and Hamish Burgess are managing the sale via an expressions of interest (EOI) process, closing Thursday 18 September 2025 at 2pm (AEST).
Cushman & Wakefield’s Director, Development Sites, Joe Kairouz said, “This is an exceptionally rare chance to secure a fully refurbished inner-city apartment building at scale, with stable income and low management overhead. There are very few offerings of this nature in Melbourne, especially in tightly held precincts like Parkville.”
The three-level building has recently been fully refurbished. Designed to meet the needs of corporate tenants seeking high-quality, move in ready accommodation and housing providers looking for efficient, ready to occupy residences, the property also presents a compelling opportunity for investors seeking proven long term rental income. Upgrades include brand-new kitchens, bathrooms, flooring, fixtures, and enhanced security systems, along with improvements to communal spaces. The property also includes seven on-site car spaces.
Cushman & Wakefield’s International Director & Co-Head Investment Sales, Victoria, Oliver Hay, said, “The location offers exceptional fundamentals. Its proximity to leading hospitals, the University of Melbourne, expansive parkland and the North Melbourne and Carlton hospitality precincts also makes it one of the most resilient and consistently high-performing rental markets in inner Melbourne.”
