Large-scale management rights, R.Iconic - Melbourneâ 2 towers, 879 apartments | Resort Brokers ID : MR008824

Expressions Of Interest

Off The Plan Management Rights, SOUTH MELBOURNE VIC

A rare and unrivalled opportunity for a sophisticated operator to secure the Management and Letting Rights to one of Melbournes 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 minutesto 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.

Two high-rise towers comprising a total of 879 apartments
Tower 1 established and Tower 2 being sold off-the-plan
Substantial FM / Caretaking salaries over the two towers
Tower 1 has 101 units in the established permanent rental pool
Tower 2 - due for completion progressively from 2026 -2027
25 year Agreements, ready-drafted and disclosed from the outset (pre OC Bill)
Key operational space provided under license / occupational authority
Option to purchase 50sqm retail space for increased efficiency and onsite exposure
Prime city-fringe location has enormous appeal for tenants, residents& guests

Expressions of Interest CloseFriday 21st November, 2025 at AEST 5pm Date updated: 23 Oct 2025 22:00:01

More Information

Financial Overview

Total Purchase Price: Expressions Of Interest
Net Income: $ 0 (actual)
_{This is the combined total income acheived by the business after expenses, before tax.}
Included Real Estate: $ 0
_{The value of on-title property included with the business. Its price is included in the Total Purchase Price.}
Multiplier: undisclosed
_{Estimated number of years till the Net Income reaches the Purchase Price of the business component. Other factors such as lifestyle, workload, location and offering should always be considered ahead of the multiplier when evaluating a Management Rights business.}

Letting Business

Letting Pool: 251
_{Number of units the manager is authorised to manage.}

Owner Occupiers: 0
_{Number of units resided in by their owners.}

Lock Ups: 0
_{Number of units owners are not renting out, but also do not live in.}

Outside Agents: 0
_{Number of units being rented by other agents (these could potentially be acquired by the manager).}

Units In Complex: 879
_{The total number of units within the complex.}

Caretaking

Remuneration: $ 589,190
_{This is the body corporate caretaker salary. It is included in the Net Income above.}

Agreement Term: 25 years
_{How long is the caretaking contract.}

Agreement Remaining: 25 years
_{How long remains on the caretaking contract before it must be renewed?}

Agreement Age: 0 years
_{How long has the management rights existed.}

Office Hours: Building manager must perform a minimum 38 hours per week Mon-Fri. Concierge: 7 days per week.
_{Required Office Hours}

Complex Features: Wellness: Rooftop heated pool, rooftop lap pool, heated rooftop magnesium spa, cardio gym, strength and conditioning gym, outdoor fitness station, infinity running track, Pilates studio, yoga studio, traditional sauna, infrared sauna, steam room, rooftop garden, Zen Garden, adventure playground, sensory reset room. Entertainment: Horizon lounge, lobby living room, club lounge, library, cinema and karaoke room, rooftop dining pavilion, private dining room, wine tasting room, chefâs kitchen, rooftop barbeques, garden lounge, fire pit, billiards, table tennis, golf simulator, putting green. Convenience: Coles (lift access), Liquorland (lift access), 24/7 concierge/security, monitored CCTV security, co-working space, EV charging stations, GoGet carshare, 24/7 parcel lockers, mail room, dry cleaning service, dog spa, bicycle storage, building management app.