MELBOURNE, 19 October 2021 – A high-profile, permit approved corner site of 3,068 sqm less than 1.5 kilometres from the Melbourne CBD has come to the market for sale by Expressions-Of-Interest.
JLL’s Josh Rutman, Nick Peden, David Hill and MingXuan Li together with Colliers International’s Jozef Dickinson, Trent Hobart and Robert Papaleo have been appointed to sell “Arco on the Park” at 36-58 Macaulay Road, North Melbourne.
The two-tower residential project has approvals for an integrated ground level lobby, communal area and retail/commercial spaces. The residential towers each have permits for 10 and 13 levels, overlooking Gardiner Reserve and North Melbourne Oval, both with enviable uninterrupted view lines back towards the Melbourne CBD skyline.
Mr Rutman said, “With Melbourne’s residential unit supply expected to drop significantly, developers can capitalise on the highly advanced nature of this project and commence pre-sales immediately. Quality permit approved sites have been a rarity in 2021, and we expect strong interest from a range of local, interstate and overseas groups.”
Mr Dickinson said, “This is one of the first permitted residential opportunities that has been offered for sale within such close proximity to Melbourne’s Metro Tunnel Project, an $11 billion infrastructure project that will seamlessly link North Melbourne into Parkville and the CBD.”
In addition to the permitted two-tower residential scheme, Build-To-Rent groups are expected to show strong interest as the site could accommodate over 200 units across the two towers.
Mr Peden said, “North Melbourne is Melbourne’s most up-and-coming city fringe precinct, and “Arco on the Park” sits proudly between ‘old’ North Melbourne and the much-anticipated Arden Urban Renewal Precinct.”
The recently released Arden Structure Plan outlines the precinct becoming one of biggest employments hubs outside of the Melbourne CBD, aspiring to deliver 34,000 jobs by 2051.
The site is expected to generate significant interest from both traditional Build-to-Sell developers and the maturing Build-to-Rent sector.
“Melbourne is the preeminent location for Build-to-Rent and locations such as North Melbourne, on the edge of the CBD and exceptionally serviced by new infrastructure only add to the site’s appeal,” Mr Peden said.
Notwithstanding, enviable view lines over parks and towards the CBD skyline will certainly attract the savvy developers that understand the value of such a high-quality permit and location,” Mr Hobart said.
International-Expressions-Of-Interest for Arco on the Park at 36-58 Macaulay Road, North Melbourne close on Friday 12th of November 2021 at 2pm.