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Media Release 09 October 2024

More than $45 million expected for iconic gateway permit-approved North Melbourne build-to-rent development site

Macaulay Walk

Macaulay Walk, an outstanding permit-approved build-to-rent development site located just two kilometres from Melbourne’s CBD is a shovel ready development opportunity to deliver much needed rental housing.

Presented to market exclusively by LAWD, Macaulay Walk, is a large-scale, iconic gateway mixed-use project adjacent to parkland with spectacular views of Melbourne’s skyline. The development is within walking distance to three train stations, an abundance of parks, and the city’s health and education epicentre.

An ideal corner site, 218-246 Macaulay Road North Melbourne, has an approved planning permit including designs from leading architects, RotheLowman. The designs consist of a collection of striking buildings including a six-storey building fronting Macaulay Road, and two adjacent 12 storey structures comprising 394 apartments, ground floor retail, and a supermarket. The permit contains a gross floor area of 42,105sqm, including 23,717sqm of residential Net Saleable Area, 2,743sqm of retail Net Lettable Area and 190 car parks.

With price expectations of more than $45 million, LAWD Development Director, Lukas Byrns, said Macaulay Walk’s prime location on the major axis of Boundary and Macaulay Road, its outstanding views and the recent permit approval, presented unparallelled appeal and value to developers.

“Macaulay Walk represents the jewel in the crown of North Melbourne,” Mr Byrns said.

“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.”

Now that construction costs have stabilised, and the interest rate outlook is more positive, Mr Byrns said 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.

“We are simply not building enough dwellings to house both the existing and growing population and quality sites like this are extremely rare.

“In addition to the build-to-rent approval, there is flexibility to provide build-to-sell, co-living, student accommodation and retirement accommodation.”

Macaulay Road has become a vibrant strip within the Macaulay Urban Renewal Precinct of North Melbourne, as developers take advantage of the gentrifying suburb, abundance of amenity and large lot sizes previously used for warehousing and manufacturing.

As the Melbourne BTS and BTR apartment markets remain chronically undersupplied, National Executive Director, Richard Temlett from property advisory firm, Charter Keck Cramer said the trend is anticipated to continue for at least the next three to four years, making sites like Macaulay Walk very attractive to investors.

“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.

“Notwithstanding the short-term uncertainty, the industry needs to prepare for the commencement of a very strong and long cycle.

“This means having a pipeline of sites ready to activate as well as strong relationships or arrangements with builders to build out these projects.”

Currently owned by Ceapal Pty Ltd, Macaulay Walk benefits from a flexible Commercial 1 Zoning and close proximity to the billion-dollar Arden Transport Precinct, as well as world-leading hospitals, major universities and schools.

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