76-78 Chapman Street, North Melbourne, Victoria
Apartments on Chapman - Secure a Proven Serviced Apartment Business
Leasehold $650,000
Business Description
CRE Brokers are delighted to present for sale the leasehold interest in Apartments on Chapman, a well-established serviced apartment business located in the heart of North Melbourne, Victoria.
Positioned in a quiet side street just off Flemington Road, the property enjoys exceptional proximity to key Melbourne landmarks. It is within walking distance or a short tram ride to the Royal Children's Hospital, Royal Melbourne Hospital, Royal Women's Hospital, Peter MacCallum Cancer Centre, Melbourne University, Melbourne Zoo, and the Melbourne CBD.
The complex comprises 19 fully self-contained accommodation units, offering a mix of studio, one-bedroom, and two-bedroom apartments. All units feature in-room cooking facilities, and the property includes onsite car parking. Renovated throughout in 2011, the apartments present in modern condition.
The business has been successfully operated under management for many years and presents an excellent opportunity for an owner-operator to further enhance returns, underpinned by strong repeat patronage from friends and family visiting patients at nearby hospitals.
Private inspections are available by appointment.
Business Summary
Other Features / Notes
A:LEASEHOLD, B:MOTEL, C:VIC - MelbourneKey Investment Insights
1. Leasehold interest offered, sale of the business rather than freehold property.
2. Situated in North Melbourne on a quiet side street just off Flemington Road, providing reduced street noise and easy access.
3. Exceptional proximity to major medical precincts including Royal Children’s Hospital, Royal Melbourne Hospital, Royal Women’s Hospital, and Peter MacCallum Cancer Centre, supporting consistent demand.
4. Walking distance or short tram ride to Melbourne University, Melbourne Zoo, and the Melbourne CBD, broadening guest catchment beyond medical visitors.
5. Complex comprises 19 fully self-contained units, providing a manageable portfolio size for operations and turnover.
6. Mix of studio, one-bedroom and two-bedroom apartments, enabling appeal to single guests, couples and families.
7. All units include in-room cooking facilities, increasing length-of-stay potential and appeal to guests seeking self-catering options.
8. Onsite car parking available, a notable value-add in an inner-city location.
9. Renovated throughout in 2011, units are in modern condition which reduces immediate capital expenditure risk.
10. Longstanding management-operated business with strong repeat patronage from friends and family visiting patients, indicating stable base occupancy.
11. Clear owner-operator upside opportunity to enhance returns through hands-on management and revenue optimisation.
