A major amalgamated landholding on one of Melbourne’s most recognisable boulevards is set to hit the market, presenting an opportunity for residential developers, hotel & serviced apartment developers and commercial owner occupiers to secure a high-exposure site in the heart of St Kilda.
Located at 322-332 St Kilda Road, the 2,872 sqm* site offers more than 64 metres* of street frontage across St Kilda Road and Pakington Street and is expected to fetch north of $14 million.
Benefitting from both a Commercial 1 and Mixed Use Zoning, the property is being sold in one line, a unique consolidation of ten strata-titled office suites that create a substantial footprint in a precinct increasingly sought after for mixed-use and commercial projects.
For sale exclusively through Cushman & Wakefield’s Daniel Wolman, Hamish Burgess, Anthony Kirwan and Leon Ma, the campaign is expected to draw significant interest from developers looking to capitalise on the suburb’s continued transformation and robust fundamentals.
St Kilda is often associated with its iconic foreshore, unique live music culture and nightlife, but beneath that veneer, the suburb has evolved into a dynamic commercial location with strong underlying demand across residential, hospitality and alternative asset classes. The rise of build-to-rent and co-living developments — including Gurner’s nearby Beach House project — has shifted developer sentiment in the area, while it’s short-stay market continues to outperform many other parts of inner Melbourne.
“St Kilda is one of Melbourne’s most dynamic urban playgrounds,” said Daniel Wolman, International Director, Investment Sales at Cushman & Wakefield.
“This site combines everything a developer looks for - scale, flexibility, and one of the highest-profile positions in the inner south. With the area’s strong fundamentals and proven depth of demand, it’s the kind of opportunity that will draw interest from every corner of the market.”
Hamish Burgess, Director, Development Sites at Cushman & Wakefield, said buyer interest is expected to come from a broad cross-section of the market.
“We’re seeing strong appetite from private build-to-rent groups, residential build-to-sell developers, boutique hotel developers and commercial owner occupiers for city fringe opportunities such as this. The flexibility of the zoning, coupled with the site’s size and exposure, means it appeals to a very diverse buyer profile.” Mr Burgess said.
The property’s proximity to elite schools, Albert Park Lake, multiple tram routes and the CBD further enhances its commercial appeal, making it well-suited for a range of future uses (STPA).
Expressions of Interest for 322-332 St Kilda Road close Thursday 17 July at 2:00pm (AEST)
*Approx.
