Tower sites take advantage of views over Shrine of Remembrance

Mr Shalit controls the Construction Engineering group that occupies a small office at 28-32 Albert Road.

Interests associated with the group also control the multi-level car park behind Construction Engineering’s office that faces the street at 13-21 Palmerston Crescent in South Melbourne.

The site spans an L-shaped block and is expected to fetch more than $40 million. Image: Supplied

Colliers International and Gross Waddell have been appointed to handle the sale.

Colliers’ director Matt Stagg said the site was next to the proposed Domain Station due to be developed as part of the state government’s Melbourne Metro Rail project.

One of the sites is opposite the so-called “tower of power”, the Domain building at 1 Albert Road that is home to many Melbourne establishment figures.

Another proposed development in 2010 for a 29-level apartment at 35 Albert Road opposite the Domain sparked a protracted stoush that eventually saw temporary government planning restrictions introduced for the area.

A final development overlay for the upper portion of St Kilda Road, designed to protect views of the Shrine, was only approved in May this year.

A two-tower development is proposed for 28-32 Albert Road and 13-21 Palmerston Crescent in South Melbourne. Image: Supplied

Both of the sites being offered for sale have towers designed by Elenberg Fraser architects.

The blocks could be sold and developed separately or as one project, Gross Waddell’s Michael Gross said.

The St Kilda Road precinct has seen multiple office towers converted to high-end residential apartments.