A RARE cleared site of more than 1,800 sqm on Melbourne’s St Kilda Rd has been listed for sale with approval for a 19 storey luxury residential development.
Once home to a block of older apartments, 596 St Kilda Rd last traded three years ago when a Taiwanese buyer paid $34 million in its first Melbourne real estate market purchase. The owners, Singapore’s Lian Beng Group and KSH Holdings has paid $25 million just two years earlier the property’s strata apartment owners.
They had obtained approval from Port Phillip Council for a tower with 170 apartments. Those plans now consist of 101 residences across 19 storeys, and that will span over 11,670 sqm of net saleable area with 162 car parks.
596 St Kilda Rd is being offered via expressions of interest by Colliers agents Daniel Wolman, Leon Ma, Oliver Hay, Trent Hobart and Jozef Dickinson.
“The property has been carefully designed by the renowned high-end architects Bates Smart to cater for the owner occupier market, including the affluent city dwelling professionals, as well as the downsizing owner occupier market,” Hobart said.
Hobart said high end residences with “envious view lines of parkland, tree lined boulevards and across the Albert Park Lake together with secure and amenities akin to a 5 star Hotel are proving to have a deep buyer pool”.
“We expect all developers who have or want a brand that is aligned to this type of consumer will be the market for this development opportunity.”
Despite the COVID-19 environment, transactions have continued in the area. Earlier this month, 71-73 Palmerston Crescent was sold off-market to a private syndicate, while Flight Centre sold its headquarters for $62.15 million in May, and RANZOG bought 1 Bowen Cr from investor Brendan Sullivan for $19 million, only several months after he’d paid $17.8 million for the mostly vacant building.
Wolman said the location, on the cusp of the CBD grid is “arguably Melbourne’s best pocket” has been overly attractive to all buyer types, with public transport options including St Kilda Rd trams and the new ANZAC station, and proximity to Albert Park, Fawkner Park and the Botanical Gardens.
Colliers have also recently launched “South Boulevard” on behalf of Jewish Care. The corner site of 4,293 sqm at the meeting of Punt Road and Raleigh Street has commercial 1 zoning and is being offered with vacant possession, consisting of an existing four storey aged care facility and adjoining car park.