Melbourne West End built to let offer for sale with $45m plus hopes

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An entire residential building at 221 Rosslyn Street, West Melbourne has gone up for sale with $45 million plus hopes.

It is a serviced apartment offering on a single title, comprising 99 fully self contained studio, one and two bedroom apartments.

The 4.5 star accommodation offer includes a restaurant on the ground floor over two shops located on the corner of Rosslyn and Adderley streets.

There’s also a rooftop bar; and 27 underground car parks.

The hotel residence and the car parks are all on the same title.

Daniel Wolman of Colliers said significant tax depreciation benefits were on offer.

This would appeal to investors looking for a construction business to let.

“The projection continues to grow for the build-to-let and co-housing models as a top player among the suite of major commercial real estate asset classes in Australia,” Wolman said.

The building enjoys access to many of the West End’s wider amenities including a 25m swimming pool, plunge pool and spa featuring private gardens with BBQ facilities, in addition to a comprehensive fitness center at all moment, Foodworks, Cellarbrations, a medical center and various cafes and Restaurants.

It was also suitable for investors for use as a hotel or serviced apartments, with rooms averaging 39m² each with a terrace or balcony, said Paul Jones, of Paul Jones Real Estate.

The property is marketed in vacant possession but with strong interest from local and international operators.

The strata freehold offered for sale is part of the luxury mixed-use development planned by Trenerry Property Group – West End. Completed in March 2021, the $345 million development was done as a joint venture with partners Victor Smorgon Group and the Kanat family.

Located at the northwest end of Melbourne’s CBD, West End comprises five buildings comprising residential apartments, commercial and retail space in addition to the supply of serviced apartments.

“West End is part of an ever-growing footprint of developments in this outlying city center location, with prominent developers Gurner, Vicland, Deague Group and UAG taking advantage of the opportunity of the West Melbourne location,” Mr. Wolman said.

“The underlying plan of the West Melbourne Structure Plan 2018 is a driving force behind the gentrification of West Melbourne, once a predominantly industrial area.

“Improvements to North Melbourne Station, the upcoming Arden Station, nearby Flagstaff Gardens and the $150 million Queen Victoria Market redevelopment, as well as the proposed Festival Hall redevelopment by Hillsong and of the nearby Marvel Stadium, further add to the appeal of West Melbourne.”

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