In a landmark transaction that underscores the enduring appeal of Melbourne’s inner-city development market, Malaysian property giant SP Setia has acquired Carlton’s largest development site in over a decade for $114 million.
The site, located at 185–195 Queensberry Street and 46–78 Bouverie Street, spans 6,561 sqm* and is strategically positioned within the Carlton education precinct. Just steps from the CBD and surrounded by some of Australia’s most prestigious universities, the parcel is primed for a transformative mixed-use development comprising retail, residential, and purpose-built student accommodation (PBSA).
The off-market deal, brokered by Leon Ma and Oliver Hay and Daniel Wolman of Cushman & Wakefield, marks a significant vote of confidence in the city’s long-term growth prospects—despite prevailing market headwinds. Colliers Tim Storey advised the Purchaser.
“This is a generational opportunity in one of Melbourne’s most tightly held precincts,” said Leon Ma. “The scale, location, and flexibility of the site made it highly attractive to both local and offshore developers.”
Oliver Hay commented that the sale is a clear signal that well-located, large-scale sites continue to attract strong interest, particularly from international developers seeking long-term footholds in Australia’s gateway cities.
“SP Setia’s acquisition also reflects a broader trend of renewed offshore capital inflows into the Australian property market, particularly in education-linked precincts.
“As the last development opportunity of this scale in Carlton, the site’s future transformation will likely reshape the precinct’s urban fabric - bringing new life to a pocket of the city already rich in culture and connectivity” Mr Hay said.
