Melbourne’s property market is showing signs of renewed strength with a landmark South Melbourne site poised to change hands in a deal expected to attract interest in the vicinity for $20 million.
The property at 11–41 Buckhurst Street, currently held by developer Landream, is being offered for sale via an off-market campaign led by Oliver Hay, Hamish Burgess, Joe Kairouz and Leon Ma of Cushman & Wakefield and is already attracting strong interest from a diverse pool of developers.
This 2,365 sqm* landholding, comprising seven adjoining titles, sits in the heart of one of Melbourne’s most rapidly evolving precincts. With dual street frontages comprising 82 metres* to Buckhurst Street and 84 metres* to Buckhurst Lane, the site is permit-approved for a 20-level mixed-use development.
The approved scheme is adaptable and given the current bullish planning environment, alternate schemes with considerable upside are also available for the site. Any future development from the site would boast sweeping view corridors toward the CBD, Southbank, Port Phillip Bay, and the Royal Botanic Gardens.
According to Oliver Hay of Cushman & Wakefield, the campaign is drawing attention from a wide spectrum of buyers.
“We’re seeing strong interest from Residential Build-to-Sell Developers, Build-to-Rent groups, Student Accommodation operators, and Co-Living Developers,” Hay said.
“The flexibility of the zoning and the scale of the site make it a rare opportunity in the city fringe.”
The site is zoned Capital City Zone – Schedule 1 (CCZ1), allowing for a wide range of potential uses including residential, education, healthcare, and commercial, subject to council approval. Its proximity - just 900 metres from the Melbourne CBD and walking distance to South Wharf and South Melbourne Market - adds to its appeal.
Hamish Burgess of Cushman & Wakefield highlighted the strategic importance of the location. “South Melbourne is undergoing a transformation, with significant infrastructure investment and a growing appetite for high-density, mixed-use projects. These include R-Iconic a hugely successful BTS development and Greystar’s recently completed major BTR project within the immediate vicinity. 11-41 Buckhurst Stret site is perfectly positioned to benefit from that momentum.
“This offering stands out not just for its scale and planning approvals, but for its potential to shape the future of Melbourne’s inner south. With expressions of interest closing in September, the race is on to secure one of the city fringe’s most compelling development opportunities” he said.
*Approx.
