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Australia: Local, Australia’s largest BTR platform, has acquired 15–37 Bank Street in South Melbourne, a 355-apartment development with a stabilised asset value of $370 million.
The acquisition is Local‘s second South Melbourne site, complementing 245 Normanby Road, which is due for completion later this year.
The transaction further strengthens Local’s pipeline, which now comprises around 4,000 units with a stabilised value of $3.25 billion, including 2,156 operational units valued at $1.55 billion across the eastern seaboard.
The development sits on the fringe of the Melbourne CBD in the Domain precinct, surrounded by parklands including the Royal Botanic Gardens and Albert Park Lake. Residents will benefit from “exceptional transport connectivity”, with multiple trams along St Kilda Road providing CBD access in under 20 minutes and the ANZAC Metro Station connecting to universities and major health institutions in three stops.
The 355-unit development will offer a mix of studios, one-, two- and three-bedroom apartments, with 10 per cent designated as affordable housing. Approximately 1,100 sqm of premium amenities will include coworking spaces, gym and wellness facilities, lifestyle and entertainment areas, a heated pool, rooftop terrace, and pet-friendly facilities.
“Securing this second South Melbourne site is incredibly exciting, enabling us to deliver 355 additional residences in one of Melbourne’s most connected inner-city precincts,” said Chris Axsentieff, Local’s head of investments. “The extensive amenity offering and high-quality sustainably designed apartments that offer security of tenure for renters, combined with prime location of the asset is consistent with Local’s offerings in Southport, Kensington and the newly opened Box Hill location.”
Highlights:
• Local, Australia’s largest BTR platform, has acquired 15–37 Bank Street in South Melbourne, a 355-apartment development with a stabilised asset value of $370 million
• The acquisition is Local’s second South Melbourne site, complementing 245 Normanby Road, which is due for completion later this year
• The 355-unit development will offer a mix of studios, one-, two- and three-bedroom apartments, with 10 per cent designated as affordable housing
