Melbourne West End build to rent offering for sale with $45 million plus hopes

An entire residential building at 221 Rosslyn Street, West Melbourne hs been listed 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 accomodation offering comes with a ground floor restaurant over two retail tenancies positioned to the corner of Rosslyn and Adderley Streets. There is also a rooftop bar; and 27 basement car parks. The serviced apartment hotel and carparks are all on the one title. Colliers’ Daniel Wolman said significant tax depreciation benefits were on offer. It would appeal to investor seeking a build-to-rent venture. “The projection continues to grow for build-to-rent and co-living models as a prominent player amongst the suite of mainstream commercial property asset classes in Australia," said Wolman. The building benefits from access to several of the wider West End amenities including a 25m lap swimming pool, plunge pool and spa including private gardens with BBQ facilities in addition to a full line Anytime Fitness Centre, Foodworks, Cellarbrations, Medical Centre and various cafes and restaurants. It was also suitable for investors for use as a hotel or serviced apartments, with rooms averaging 39sqm each with a terrace or balcony, Paul Jones, of Paul Jones Real Estate, said. The property is being marketed with vacant possession but with a strong interest from local and international operators. The stratum freehold offered for sale forms part of Trenerry Property Group’s luxurious master planned mixed use development – West End. Completed in March 2021, the $345 million development was completed as a joint venture with partners Victor Smorgon Group and the Kanat Family. Situated on the north western edge of the Melbourne CBD, West End comprises five buildings incorporating residential apartments, retail and commercial spaces in addition to the serviced apartment property offering. “West End forms part of a steadily growing footprint of developments in this inner-city fringe location, with eminent developers GURNER, Vicland, Deague Group and UAG tapping in on the opportunity of the West Melbourne location,” Mr Wolman said. “The underlying blueprint of The West Melbourne Structure Plan 2018 is a driving force behind the gentrification of West Melbourne, formerly a predominantly industrial precinct. “Upgrades to North Melbourne Station, forthcoming Arden Railway Station, proximity to Flagstaff Gardens and the $150million Queen Victoria Market redevelopment, along with the proposed redevelopment of Festival Hall by Hillsong and nearby Marvel Stadium, further add to the appeal of West Melbourne.”