Soliana™ buys South Yarra development site for $5.85m

Soliana™ has paid $5.85m for a premium South Yarra site with approved plans for a luxury apartment development, following a competitive Expressions of Interest process.

The property, located at 39 Darling Street, is permitted for six oversized apartments spread across five levels. Its elevated position offers sweeping views over South Yarra, with proximity to some of Melbourne’s most iconic destinations, including the Royal Botanic Gardens, Fawkner Park, the Yarra River, and Chapel Street.

The site, which currently houses a three-level apartment complex with 10 studio apartments, was sold by a local syndicate through an Expressions of Interest campaign. The deal reflects a land rate of $8,705 per square metre and a unit rate of $975,000, underscoring the strength of Melbourne’s premium residential market.

Hamish Burgess, Joe Kairouz, and Jeffery Ha of Cushman & Wakefield handled the transaction, with Mr Burgess saying the sale highlighted the fierce competition among developers to secure opportunities in South Yarra and surrounding Stonnington suburbs.

“The Stonnington development site market has been hotly sought after throughout 2024. Developers are competing to enter a precinct that continues to re-rate the market in terms of achievable residential revenues, and 39 Darling Street was no exception.”

Mr Ha noted strong interest from a diverse pool of buyers, including those considering alternative uses for the site. “While a developer was the successful purchaser, we also experienced significant enquiry from our Asia Markets client base looking to reposition the existing block of units” he said.

The sale adds to Soliana™’s growing portfolio of high-end residential and commercial projects. Known for its focus on design and quality, the developer plans to bring a new level of luxury to the prestigious South Yarra address.

South Yarra continues to attract significant interest from developers and investors, with its reputation as one of Melbourne’s most sought-after suburbs for premium living firmly intact.