Remember the Parkville apartment complex that was threatened by the impending East West Link road project back in 2013?
Cut to four years later. The road project has been cancelled and the complex is up for sale by its most recent owners, the Victoria government.
That’s right. The Evo Apartments, a former infrastructure initiative site, is on the market. Its reported price tag is $95 million—a full $4 million over the payout that was made to the frustrated tenants after the East West Link controversy in 2013. The Evo complex is just one of several commercial and residential developments previously purchased to clear a path for the defunct road project that have since been slated for sale.
Properties that have already contributed to the state budget include high-profile residences in Clifton Hill, with other buildings in Collingwood, Kensington and Parkville also expected to be placed on offer in the coming weeks and months. Projected total profits for these properties are in the $320 million range.
The Evo complex boasts 175 individual apartments and initially the government indicated they might sell these apartments separately (after years of renting them privately), but the Andrews administration has now opted to sell the units in bulk.
Real estate agency Jones Lang LaSalle have been tasked with marketing the complex, and their ideal buyer profiles include aged care users, entrepreneurs and forward-thinking investors, all of whom would most likely purchase the apartments with an eye toward selling them down or renting them in the future. No doubt the complex, with its modern geometric façade and its pristine swimming pool, will be rid of its “for sale” sign very soon.