Student accommodation and apartments could be the pot of gold at the end of this rainbow on the edge of Melbourne’s CBD
Commercial Bureau director Gideon Marcus said the property would suit investors with an eye to future development as student accommodation or apartments.
“As an investment it offers an immediate, fully leased, return of close to $800,000 from five tenants in the rapidly growing education sector, while the development options, subject to council approval, would obviously include student housing and apartments.”A “Massing & Yield” study from Fender Katsalidis suggests an estimated 18-level building, with ground floor retail, basement parking and apartments, may be suitable for the site based on calculated assumptions.
The latest Australian Government data shows there are more than 140,000 international students attending Victorian schools, with the CBD campuses of RMIT and Melbourne University accounting for nearly 41,000 of those.The State Government’s $53 million International Education Recovery Plan 2025 aims to reset and stimulate the sector and build on Victoria’s performance as a leader in education excellence and student experience.
The two-storey building is close to the CBD legal precinct, Flagstaff Gardens and Queen Victoria Market.
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