Brand new Melbourne West End build expected to fetch $35m plus

A brand-new luxury apartment building at 221 Rosslyn St, West Melbourne, is up for sale with a $35 million plus price guide.

Designed by CHT Architects, the building comprises 99 studios, and one- and two-bedroom apartments.

It also comes with a ground floor restaurant over two retail tenancies at the corner of Rosslyn and Adderley streets.
There is also a rooftop bar and 27 basement car parks which are located on the one title.

The building is part of the $345 million West End precinct development which was completed in March 2021. Expressions of interest for the building are being sought by Colliers Melbourne City Sales and Jones Real Estate.

The property is advertised as being suitable for investors for purpose as a hotel or serviced apartments, with roomsa39sqm each with a terrace or balcony.

Colliers’ Daniel Wolman said the purpose-built accommodation was an “extremely rare opportunity to acquire a brand-new building in a prime city fringe location”.

Mr Wolman said there would be “significant tax depreciation benefits” and appeal to buyers for build-to-rent ventures.

“The projection continues to grow for build-to-rent and co-living models as a prominent player amongst the suite of mainstream commercial property asset classes in Australia,” he said •