St Kilda: Massive super site near Luna Park expected to sell for $70m-$80m, attracting international buyers

The Perfect Ten - Barkly, Carlisle, Greeves & Vale Sts - for herald sun real estate

The St Kilda site, bordered by Barkly, Carlisle, Greeves & Vale Sts, has been dubbed The Perfect Ten.

A massive St Kilda super site 500 metres from Luna Park is expected to sell for an eye-watering $70m-$80m.

The collection of 10 addresses across 12 separate titles on Barkly, Carlisle, Greeves and Vale Sts measures 9199sq m in total.

Dubbed The Perfect Ten, the land is home to several residential, commercial and warehouse buildings.

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Colliers’ Jozef Dickinson, Brett Griffith and Philip Heberling have the listing which is being touted as a landmark redevelopment opportunity.

Mr Dickinson declined to comment on the site’s owner but industry sources indicated that a meat wholesaler, formerly based within the large land block, had spent decades buying up properties close to their previous centre of operations.

The Perfect Ten - Barkly, Carlisle, Greeves & Vale Sts - for herald sun real estate

The site is close to Acland St, St Kilda beach and the St Kilda Botanical Gardens.

30 Carlisle St, St Kilda - for herald sun real estate

30 Carlisle St, St Kilda, is among the addresses included in The Perfect Ten offering.

According to CoreLogic records, the purchases date back as far as 1991.

“The vendor put them together across a long, long, long time,” Mr Dickinson said.

“It has been an incredible effort.”

The Perfect Ten’s various addresses are zoned commercial 1, general residential and mixed-use, making it a “suburb defining site” offering flexible development potential, Mr Dickinson added.

“ … I reckon you could literally build anything here and it would be absorbed by the market, apartments, hotel rooms, retail, office and everything else in between,” he said.

“To get 9200sq m of what is essentially a gateway site in St Kilda, as Melbourne’s best-known bayside suburb, it’s unprecedented for this location.

“We’re getting interest from national institutional developers and international ones as well.”

1 Vale St, St Kilda - for herald sun real estate.

1 Vale St, St Kilda, is another building on the larger overall site.

Mr Dickinson said it was difficult to put a price tag on the land offering as there had been very few similar sales in St Kilda, but it was expected to fetch between $70m to $80m.

“I have been involved in the sale of residential real estate in St Kilda for over 25 years, in all of that time I have never seen an opportunity of this scale to deliver such a landmark mixed use project that has genuine potential to influence its landscape,” Mr Griffith said.

The site’s buildings, which also includes a snooker club, are currently leased to individual businesses that pay approximately $839,000 per year in combined rent excluding GST.

Expressions of interest will close at 2pm on May 16.

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