Australia: A newly built 99-key serviced apartment building in West Melbourne is up for sale.
221 Rosslyn Street, in West Melbourne, was designed by CHT Architects and features 99 self-contained studio, one- and two-bedroom apartments. It is being offered for sale by Colliers’ Daniel Wolman, Oliver Hay and Anthony Kirwan alongside Paul Jones, Tim Spargo and Sam Guest of Jones Real Estate.
It is part of the recently completed West End precinct with a guide price of AUS$45million.
The building also features a large ground floor restaurant (over two retail tenancies) positioned to the corner of Rosslyn and Adderley Streets; a rooftop bar; and 27 basement car parks. The serviced apartment hotel and car parks are all on the one title.
“221 Rosslyn Street presents purchasers with an extremely rare opportunity to acquire a brand-new building in a prime city fringe location fully furnished including OSE to 4.5 star standard,” Colliers’ said Wolman. “Significant tax depreciation benefits and the high quality of rooms, sizes, fit outs, parking and amenities further add to the appeal of the offering to build-to-rent ventures.”
The building benefits from access to several of the wider West End amenities including a 25-metre lap swimming pool, plunge pool and spa including private gardens with BBQ facilities in addition to a full line Anytime Fitness Centre, Foodworks, Cellarbrations, Medical Centre and various cafes and restaurants.
“The highly flexible property is also suitable for investors for use as a hotel or serviced apartments, with rooms averaging 39sqm each with a terrace or balcony,” Paul Jones, of Paul Jones Real Estate, said. “With the imminent opening of Australia’s international borders to tourists, we expect a huge influx of demand for hotels and serviced apartments, as buoyant predictions persist for hotel occupancy rates to reach pre-COVID levels.”
Expressions of interest to operate the building have already been received from international and local operators including IHG’s Staybridge Suites brand.
