Humble office block on 'Melbourne's grandest boulevard' listed for $12m
Tucked in next to its taller neighbours, the site offers expansion opportunity.

Humble office block on 'Melbourne's grandest boulevard' listed for $12m

Surrounded by some of Melbourne’s most exclusive residential developments, with more construction underway, a humble office block facing the Royal Botanic Gardens has been listed for $12 million-plus.

It’s all about location for this little beauty at 346 St Kilda Road, directly opposite the Shrine of Remembrance, and 300 metres from the soon-to-open Anzac station, part of the $11 billion Metro Tunnel.

Plus the site has the sky-high potential to be developed up to 36 metres.

Listing agent Knight Frank describes the two-storey office building – close to the CBD, South Yarra and Southbank – as a “truly rare and prestigious opportunity to secure one of the last remaining park-fronted development sites on Melbourne’s most iconic boulevard”.

346 St Kilda Road Melbourne VIC 3004
Secure one of the last remaining parkfront development sites on an iconic boulevard.

The vendors, the Whitbread family, whose financial services business previously occupied the site, are letting go after more than 30 years, having reportedly bought it for $910,000 in 1993. Whitbread Financial Services moved to the Mirvac Tower on Collins Street in 2014.

Knight Frank is running an expressions of interest campaign, which agent Tom Ryan says is off to a flying start after kicking off last week. 

“Enquiries are pretty strong, as you’d expect,” Ryan says. “It’s quite unique … the early interest is very positive.”

The vacant 598-square-metre site in the exclusive Domain Precinct, one of Melbourne’s most prestigious pockets where tree-lined streets lead to the Arts Precinct, offers an exciting canvas for transformation.

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For the right visionary, it’s an opportunity to reimagine the space as luxury residences, a boutique hotel, or a dynamic mixed-use development, subject to council approval.

Property developer Time & Place recently started demolition on a site to the property’s rear to create a $500 million mixed-use development in South Melbourne.

The village-style precinct will contain 243 apartments across two 10 and 12-storey towers connected by a central garden bridge, with retail on the ground floor.

346 St Kilda Road Melbourne VIC 3004
Boardroom views extend across the road to the Royal Botanic Gardens.

Investors are in a position to gain from the opening of Melbourne’s first tram-train interchange later this year, with Anzac station linking the Domain Precinct to the CBD via one train stop. Top-notch lifestyle amenities, including Domain Road Village, Albert Park Lake and Fawkner Park, also surround the site.

The office building offers 887 square metres of net lettable area and provides an opportunity for owner-occupancy or leasing the property while obtaining permits to develop. It offers rear access from Middleton Lane, and has 17 secure basement car parks.

Other surrounding residential developments include The Eighth – a brand new 18-storey apartment complex – as well as The Melburnian, the Royal Domain Tower and The Muse.

Ryan says there is a lot of value in the land.

“You could definitely extend on the structure that is there and build up, but I think most likely it’ll be completely redeveloped,” he says. “Whether that’s developed to high-end residential or some commercial office and residential above, I guess that’s up to who buys it.

“The building is still quite usable and has some value, but all of the value is definitely in the land and the ability to build up in the future.

“The views from the upper levels of any future development will be quite amazing,” he adds. “Uninterrupted, never-to-be-built-out views directly over the Shrine of Remembrance and across the Royal Botanic Gardens.

“It offers a buyer a once-in-a-generation chance to create a legacy development in a location without equal.”

Co-agent Nick Bisset says he expects strong buyer interest from a range of parties, including owner-occupiers and both local and interstate investors and developers to take interest in developing on “Melbourne’s grandest boulevard”.

“While we expect strong interest from buyers looking to undertake a development on this site, we do think there will be interest from those looking to maintain its current use as an office building,” he says. “Its location is suitable for both, especially given its proximity to the Anzac train station.”

346 St Kilda Road Melbourne VIC 3004
Anzac Station is set to transform the area, with connectivity at a level never seen before.

The Royal Botanic Gardens has served as a picturesque 38-hectare haven for Melburnians and visitors alike for more than 170 years.

Housing more than 8500 species of plants from around the globe, it is also an important resource for education, conservation, science and horticulture.

The future of the gardens is outlined by a 20-year master plan that includes a new herbarium and improvements to the garden entrances.

The expressions of interest campaign closes at 3pm on Wednesday, July 30.