Ready-to-occupy tower of 115 fully furnished apartments with 160 Southbank keys for sale by Savills


A premium accommodation asset with stunning views at 18 Moray Street in Melbourne’s Southbank comes on the market two years after the building’s completion and has never opened to the public.

The complex comprises 115 fully furnished apartments with 160 keys, plus three cold shell penthouses, 34 secure car parks as well as a high-end gym and reception space. Apartments are move-in ready, offering 1, 2 and 3 bedroom layouts with abundant natural light and unobstructed views.

“This is a truly significant and unique opportunity, it is rarely seen that a building of such a scale and built to such a high standard is readily available for purchase and occupation” said Savills associate director Tanya Su, who is appointed to sell the property along with her colleagues Julian Heatherich, Nick Lower and Conal Newland.

The asset is suitable for hotel operators, Build-to-Rent and Coliving, and will also appeal to value-added investors given the development potential of the upper level penthouses.

“We expect strong interest from these leading buyer groups given the unique nature of the opportunity. In the current climate, circumventing construction costs for a well-located scale asset is incredibly advantageous » said Savills State Manager Julian Heatherich.

A hotel use is very promising given the return requirement for short term accommodation in Melbourne, says Nick Lower, State Manager and Team Leader of Savills Hotels.

“Hotel performance in particular sectors has returned to above pre-Covid 19 levels and continues to strengthen. Melbourne areas continue to exceed expectations and with uncertain delivery times there is a window of opportunity up for grabs,” Lower said.

Build-to-Rent and Coliving operators will also be looking to sustain their pipelines with an opportunity like this. Southbank, in particular, has been a prime target for groups leveraging the Build-to-Rent model.

“Co-living is an emerging asset class that has rapidly gained popularity in major markets across North America, Asia and Europe over the past decade. Now emerging in Australia as an exciting new form of housing, co-living is quickly becoming a mainstream and attractive concept,” said Conal Newland, country head of operational capital markets at Savills.

“Common themes of the Coliving model include fully furnished accommodations, flexible mid-term rental periods, and shared common living spaces in desirable central areas,” Newland said.

The property is located on the northwest corner of Moray Street and Catherine Street in the famous Crown Casino area of ​​Southbank.

“This opportunity relies on the prime location on the doorstep of Melbourne’s CBD. The building is within walking distance of some of the world’s most acclaimed restaurants, luxury hotels, high-end retail stores, cinemas and one of Melbourne’s top attractions, the Crown Casino. Mrs. Su said.

18 Moray Street, Southbank is for sale via International Expressions of Interest ending Wednesday 30 November at 2pm AEDT.

To request a copy of the information memorandum, please contact any of Savills Marketing Officers, Tanya Su, Julian Heatherich, Nick Lower and Conal Newland using the contact details below.

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