Large-scale management rights, R.Iconic - Melbourne — 2 towers, 879 apartments

A rare and unrivalled opportunity for a sophisticated operator to secure the Management and Letting Rights to one of Melbourne’s most exciting new high-rise apartment developments which includes hotel-style resident facilities and a ground floor Coles supermarket.

Located in the fast-evolving Montague precinct in South Melbourne, R.Iconic is less than 2km from the CBD (with light-rail and bus stop next door), 3 minutes to Citylink on-ramp and walking distance to the Arts Precinct, Melbourne Convention Centre, Melbourne Exhibition Centre, Marvel Stadium, South Melbourne Market and Port Melbourne Beach.

The first tower is complete, with 456 apartments over 31 levels. The developer retained the MLR and opted to manage the building while the second tower is under construction. Soaring 40 storeys it features an additional 423 apartments and is scheduled to complete progressively from mid-2026 to mid-2027.

The first tower is now well-established and shows enormous growth potential. It has over 100 permanent letting appointments, with an ability to capture additional appointments managed by external agents. The second tower presents as a similar sized opportunity, with an expected letting pool of an additional c. 100-150 units.

As an off-the-plan offering, comprising predominately 1- and 2-bedroom apartments, this is a golden opportunity for an established operator to build a significant rental management asset.