Luxury 176-apartment complex on market

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The Victorian State Government is selling off properties acquired by the former state Liberal Government as part of a major road project that is no longer going ahead.

Amongst the properties listed for sale is the Evo apartment complex in Parkville, which will be sold as one property rather than individual units.

The Government owns all 176 units after negotiating purchases with the individual owners shortly after it emerged the luxury building would be surrounded by the proposed East-West link ramps.

It is understood the State paid about $91 million for the properties and could expect at least $95 million from the sale.

The complex was completed in 2014 by Pace Development Group and has significant depreciation and building warranty benefits, according to JLL.

There are 74 one-bedroom apartments, 102 two-bedroom apartments, 181 car spaces, four lifts and a swimming pool.

The apartments, which are currently rented out privately, return just over $3 million per annum in rent.

Its proximity to the university and medical precincts, parklands, numerous recreational facilities and public transport/arterial could make it a particularly attractive investment for an aged care buyer.

The Salvation Army Housing Victoria had previously made an unsuccessful offer to take over management of the tenancies or to buy the complex at a reduced price, and use 30 of the units for social housing.

Jones Lang LaSalle is marketing the property for sale by public tender, which closes on 17 May.




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