Melbourne 'supersite' expected to sell for around $80 million

Jozef Dickinson, National Director for Residential at Colliers International Melbourne, who holds the listing alongside Brett Griffith and Philip Heberling, says that while it’s a difficult listing to price, “a lot of interest lies in the $70 million to $80 million price range”.

Expressions of interest close at 2pm AEST on Thursday, May 16.

The parcel of land is described on the listing as a “supersite” and a “never to be repeated opportunity to create St Kilda’s next icon”.

Flexible zoning across commercial, general residential and mixed-use are in place under the City of Port Phillip Planning Scheme.

The land currently contains multiple dwellings with a mix of residential and commercial buildings.

Right in the heart of St Kilda, the land is within walking distance of popular attractions including Luna Park, St Kilda Pier and the St Kilda Botanical Gardens.

Dickinson reveals international buyers have enquired.

“From a buyer perspective, we are seeing a really good level of interest from international players amongst a number of other buyer groups as well,” he says.

“The site is a difficult one to price given how unique it is, but the range of $70 million to $80 million is where we are expecting a lot of interest.”

Dickinson adds that “it’s still early days in the sale process” and they are “yet to see what the market is telling us around what the deal particulars look like”.

St Kilda is a popular seaside suburb of Melbourne, 6km southeast of the CBD. It’s a vibrant hub known for its trendy bars, fine dining and boutiques.