344-360 St Kilda Road St Kilda
344-360 St Kilda Road, St Kilda sold for $7.9M. Image supplied
  • St Kilda 'island site' spanning 1,370sqm bought by a local developer for $7.9 million
  • The Card Network has leased a 635sqm freestanding building in Richmond
  • Fitzroys agency has opened up an industrial division

A St Kilda ‘island site’ spanning 1,370sqm on the busy St Kilda Road has been snapped up by a local developer for $7.9 million.

The previous owner had accumulated the site over multiple transactions.

The new owner intends to use the site’s existing permit for a premium six-storey mixed-use development, with a net saleable area of 4,743sqm and residences designed for the growing downsizer and owner-occupier segments of the market.

The site currently comprises tenanted single-level showroom and an office, with a slim 2.4% yield.

“The market recognised this site as the largest development opportunity in the suburb for some time, with nearly 200 enquiries received from enthusiastic parties.”

Mark Talbot, Fitzroys

Mark Talbot
Mark Talbot. Image supplied

“The huge enquiry and a result that exceeded expectations reflects confidence in the inner bayside market,” he said.

“St Kilda is undergoing a path of regeneration and [is] experiencing somewhat of a demographic shift. There’s a host of residential, retail and commercial projects that promise to bring a new vibrancy to a famous Melbourne location.”

House prices in St Kilda west have been rising, and Gurner’s sold-out, ultra-luxe Saint Moritz apartment project is under construction on the former Novotel site.

Meanwhile, the $30 million Victorian Pride Centre is set to open early next year on nearby Fitzroy Street, which will also welcome boutique hotels, again by Gurner on the former Cushion Lounge site, and Erdigroup’s QT on the Rydges site. The Prince of Wales Hotel is currently being refurbished and The Esplanade has just reopened.

City Fringe moves

In related news, Melbourne’s city fringe continues to attract tenants in the shifting office environment.

In one recent deal, The Card Network has leased a 635sqm rare freestanding building on Swan Street, Richmond.

The Card Network
The Card Network’s newly leased building.

The five-year deal at 250-254 Swan Street is worth $254,000 per annum plus GST.

Industrial Division

Meanwhile, Fitzroys agency has opened up an industrial division, to be headed up by
newly-recruited Directors, Marco Sandrin and Brent Glassford.

Brent Glassford Marco Sandrin
Brent Glassford (left) and Marco Sandrin. Image supplied

They will be joining Fitzroys with their assistant Deanna Zamora, all of whom have been working together for over eight years with previous roles at Colliers International and most recently at Knight Frank, where Marco and Brent both held roles as Directors.

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