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Permit-approved North Melbourne development site hits market for over $45 million

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A prime development site in North Melbourne with approved permits for a build-to-rent project has been listed for sale, with price expectations exceeding $45 million.

The site, known as Macaulay Walk, is located at 218-246 Macaulay Road, just two kilometres from Melbourne’s CBD.

LAWD Development Director Lukas Byrns said the property represented “the jewel in the crown of North Melbourne”.

“It is an exceptional, shovel-ready site, and we anticipate extremely strong interest from apartment developers and build-to-rent groups with global institutional capital who will value the recently received, and carefully curated, permit approval,” Mr Byrns said.

The approved plans, designed by architects RotheLowman, include a six-storey building fronting Macaulay Road and two adjacent 12-storey structures.

The development will comprise 394 apartments, ground floor retail, a supermarket, and 190 car parks.

The gross floor area totals 42,105 square metres, including 23,717 square metres of residential net saleable area and 2,743 square metres of retail net lettable area.

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Mr Byrns noted that with construction costs stabilising and a more positive interest rate outlook, Macaulay Walk offers a development opportunity that eliminates planning risk.

“It is an opportune time to secure an outstanding permit approved project, which will deliver product in a market where the demand for rental properties continues to increase due to a severe undersupply of housing,” he said.

National Executive Director Richard Temlett from property advisory firm Charter Keck Cramer said sites like Macaulay Walk are likely to be very attractive to investors and developers.

“At this point in the cycle, sites in A-grade locations and which have been derisked from a planning perspective are likely to be very attractive to investors and developers as they will be able to be activated the fastest as the market continues to recalibrate,” Mr Temlett said.

The site benefits from a flexible Commercial 1 Zoning and proximity to the billion-dollar Arden Transport Precinct, world-leading hospitals, major universities and schools.

Macaulay Walk is being offered for sale via Expression of Interest, closing at 2pm (AEDT) on Wednesday 13 November.

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