Andrews government offload EVO apartments
The Andrews government has sold Parkville’s Evo apartment complex at last.
The deal is with Lowy-family backed Assembly Funds Management which will hold it as a Build to Rent investment with NashCap in a single asset trust.
Over seven storeys, with 175 units, 107-115 Manningham Street, abutting Citylink, carried a $65-$70 million guide when it was listed in May.
The buyer was able to score a discount on that – less than $65m.
Based on the potential gross annual income – which agency sources put at c$4.56m – the deal reflects a market yield of more than seven per cent.
On 4951 square metres and with 181 car parks, Evo was last offered five years ago asking $95m before being withdrawn to be reclad – reportedly at a cost of several million dollars.
Another marketing campaign in 2015, again seeking close to $100m, was unsuccessful too (story continues below).
Long history
The Liberal Napthine government paid c$91m for Evo in 2013; at the time it was under construction after Pace just sold the dwellings off-the-plan.
The complex would have been straddled by roads forming part of its then-recently proposed c$15 billion East West Link, which the Andrews government later shelved at a cost to the taxpayer, of 10 figures.
JLL Josh Rutman, David Hill and Noral Wild ran the latest Evo campaign for the Department of Transport which retained it as an investment.
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