Prime development opportunity emerges in South Melbourne: Normanby & Munro unveils permit approved site | Australia

MELBOURNE, 10 May 2024 – Melbourne’s burgeoning Build-to-Rent (BTR) market is set to receive a significant boost with the unveiling of an excellent development opportunity by Normanby & Munro.

Located at 256-262 Normanby Road, South Melbournethis permit approved site offers an unprecedented canvas for BTR and Build-to-Sell (BTS) developers and comprises two warehouses side by side on a substantial land area of ​​2,023 sq m*.

For sale exclusively through Cushman & Wakefield’s Daniel Wolman, Hamish Burgess, Marcus Neill and Oliver Hay, the site’s approved permit envelope allows for a generous gross floor area (GFA) of 25,000 sq ft*.

Daniel Wolman, International Director and Co-Head of Investment Sales, Daniel Wolman, Cushman & Wakefield, believes this site presents a compelling opportunity for different types of buyers, particularly Build-to-Rent and Build-to developer/operators -Sell, with a chance to create conversions. adapted living spaces to meet the growing demand for rental housing in Melbourne.

“Having the potential for a building envelope of around 25,000 sq m GFA, the property is attractive to both owner occupiers and investors and will no doubt attract BTR and BTS developers/operators.”

Mr. Wolman went on to say that what makes this opportunity even more compelling is its financial viability. “Generating a robust pass-through income of $473,602 per annum (net), the property not only promises long-term returns but also appeals to owner-occupiers and investors looking for steady income streams.”

Located in the Montague precinct, 2km from the Melbourne CBD, the site is surrounded by a number of high-profile projects backed by institutional capital partners such as Greystar, Local, CDL, R Corporation and Gamuda Land.

256-262 Normanby Road, South Melbourne is for sale by International Expressions of Interest (EOI) until Thursday 20 June at 14:00 (AEST).

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2022, the firm reported revenues of $10.1 billion from its core services of property, facilities and project management, leasing, capital markets and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environment, Social and Governance (ESG) and more. For additional information, visit www.cushmanwakefield.com.