Significant deal for Melbourne CBD’s tallest and most significant mixed-use tower

AccomNews Sunday, November 1, 2020

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Malaysian property developer, UEM Sunrise Berhad (“UEM Sunrise”) announced settlement of the AU$125.0 million serviced apartment component at its Aurora Melbourne Central building with Scape Australia Management Pty Ltd (“Scape”).

Scape, Australia’s largest owner and operator of Purpose Built Student Accommodation (PBSA), has purchased 252 serviced apartment units across ten floors, in addition to ground floor retail area at Aurora Melbourne Central. The deal with Scape was exclusively brokered by Trent Hobart from Colliers International on behalf of UEM Sunrise.

Scape has announced it is expecting to bring its ‘Aurora experience’ to the market in late January 2021. This offering will be targeted at young adults including students, graduates, travellers and professionals, providing a premium serviced apartment and urban living offering.

UEM Sunrise Managing Director and CEO, Anwar Syahrin Abdul Ajib, said: “Scape’s high quality accommodation offering will enhance the existing vibrant community that has flourished at Aurora Melbourne Central.

“Aurora Melbourne Central’s connectivity and convenience will provide Scape’s customers with a gateway to business, education, lifestyle and innovation in the heart of the Melbourne CBD, and we’re looking forward to seeing its ‘Aurora experience’ come to life next year.

“This significant settlement in challenging market conditions due to the global COVID-19 pandemic is a testament to the quality and unparalleled location of our Aurora Melbourne Central development,” said Mr Syahrin.

Stephen Gaitanos, Scape’s CEO and Managing Director stated: “I am delighted to be working with UEM Sunrise, the developer of Aurora Melbourne Central. This acquisition is a key part of Scape’s premium PBSA strategy, whilst enhancing further opportunity to introduce Scape’s offering to a wider community.”

Aurora Melbourne Central is the Melbourne CBD’s tallest and most significant mixed-use tower, located in the heart of the city at 228 La Trobe Street. Across 88-storeys, it comprises 959 residential apartments, 252 serviced apartments, office suites and signature retail with a total Gross Development Value (“GDV”) of approximately AU$800.0 million.

The development was completed in early 2020 and the residential apartment component of Aurora Melbourne Central is close to reaching an 100 per cent settlement rate.