Union Quarter Village (UQV) in Spotswood, Melbourne is up for sale under agents from Colliers and Savills. A 100% freehold Interest in this recently completed Build To Rent (BTR) asset is being offered for sale via an International Expressions of Interest campaign, closing Thursday 27 June 2024.
Located 15 minutes from Melbourne’s CBD between Yarraville and Williamstown, Spotswood offers residents a balance between suburban tranquility and city convenience. It will be further enhanced with near-term completion of major infrastructure projects in both the neighbourhood and across the inner west.
UQV is a core income-producing asset with significant value uplift potential from its integration of complementary residential, retail, health, wellness and community (including a future childcare centre) facilities that are rarely found in a single asset.
UQV is comprised of four buildings between three and eight levels across 2 hectares of real estate that incorporates 332 apartments across two buildings, as well as a neighbourhood retail centre anchored by Woolworths and Dan Murphy’s and a health & wellness facility.
The significant change to FIRB policy announced in the 2024 Budget will now facilitate international investors to directly own established residential property but only if it is a complying operating BTR asset like UQV. Previously, FIRB rules prohibited foreign entities from owning established dwellings unless they were to be redeveloped for additional housing.
Colliers’ residential capital markets national director, Robert Papaleo said, “The recent FIRB policy change removes a significant barrier to international investment into Australia’s BTR market that will also support new development by creating greater liquidity and a wider purchaser pool for trading BTR assets.
Savills head of operational capital markets, Conal Newland added, “What makes this asset so attractive to the many investors wanting exposure to the strength of Australia’s $10.3 trillion residential asset class fundamentals, it that investment in UQV does not require taking any development risk. Union Quarter Village is the first completed asset of its kind to be brought to market for sale.”