Collective Southbank strata exit with $25 million hopes for 20 vendors

A group of 20 Southbank townhouse unit owners in Melbourne have banded together with hopes of securing a combined $25 million as a development site offering.

The four-block property, Coventry Square at 77 Coventry Street  stands on a 1483 square metre site close to South Melbourne market amid high-rise towers.

The hope for a significantly better return than their separate market rate as recent sales have been around $630,000 for a two-bedroom apartment.

Coventry Square comprises 12 two-bedroom apartments and eight three-bedroom apartments with the proceeds to be divided based on council rate valuation percentages.

Collective sales require approval from 100 per cent of owners.

Without any immediate approvals, the building will generate rental income with two-bedroom apartments renting for $500-530 per week and three-bedders at $630-660 per week.