East West Link apartment block goes on sale
An entire apartment complex that was compulsorily acquired by the Victorian Government to accommodate the now-scrapped East West Link is on the market.
Parkville’s huge EVO Apartments development was grabbed by the government after being sold off-the-plan, as preparations were made to build the controversial road network.
EVO, which has 175 apartments, many of which enjoy views over nearby Royal Park, is bounded on one side by the CityLink tollway, and would have been almost completely surrounded by road infrastructure if the East West Link was built.
The Napthine Government reportedly spent $90 million buying the complex as part of a string of acquisitions in order to make way for the new roads, which would have linked the Eastern Freeway to the Western Ring Rd and CityLink.
The apartment complex, at 109-115 Manningham St, was built in 2014 by the Pace Development Group and has a fully leased rental income of just over $3 million. Its 4951sqm parcel of land also includes 181 car parking spaces.
Apartments in the seven-storey building are a mix of one-bedroom and two-bedroom, with other facilities including a lap pool and communal spaces.
It is being marketed by JLL’s Lincoln Reynolds, Tom Ryan and Marcus Quinn, and is to be sold via a tender process that closes on May 17.
A six-month settlement period is offered.