South Melbourne, Victoria

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

Expressions Of Interest

Business Description

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.

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 ----------
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: 11 Oct 2026 23:00:09