Prime South Melbourne site revealed with $30m+ price tag
The site at 214-220 and 222-226 Park St, South Melbourne, has been listed as a prime development opportunity.
A South Melbourne property with an eye-watering $30m+ price tag is being billed as the suburb’s best development site.
Measuring 2432sq m, the 214–220 and 222–226 Park St offering comprises two freehold titles with existing offices and showrooms.
The landholding’s online listing states that it would be suited to a buyer looking to transform it into a residential or mixed-use project.
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Commercial real estate agency Colliers’ national residential director, Jozef Dickinson, said the commercial one-zoned site was located in a tightly-held South Melbourne pocket where many other nearby buildings were heritage listed.
“This is one of the only opportunities in true South Melbourne where you can unlock uninterrupted views across Albert Park, Port Phillip Bay and the CBD skyline,” Mr Dickinson said.
“The low-rise character of the area protects these view lines, making it a once in a generation chance to deliver a landmark residential project.”
The two freehold titles are neighboured by a site where Port Phillip Council is planning a future park.
Positioned near the Clarendon St and Park St intersection, the address is close to dining, retail and entertainment venues, the soon-to-be-opened Anzac train station, South Melbourne Market, Albert Park Lake, St Vincent Gardens and the Royal Botanic Gardens.
It also has 48m-long frontage to Park St and abuts an area earmarked as a future park by Port Phillip Council.
Colliers residential managing director at Tim Storey said developers were currently prioritising
premium locations with strong lifestyle credentials, much like those on offer in South Melbourne.
The South Melbourne Market, Albert Park Lake and Royal Botanic Gardens are all within walking distance.
“In this market, developers are looking for sites that have a point of difference, a site where they know residents don’t only want to live, but will be a premium to live,” he said.
Mr Dickinson and Mr Storey’s colleagues Philip Heberling and Aaron Choong are also managing the listing which is being advertised as “South Melbourne’s best development site”.
Expressions of interest close at 2pm on Thursday, November 13.
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