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VISION Australia has put its heritage-listed Royal Victorian Institute for the Blind property on the market, in an expression of interest campaign that could reap the organisation about $20 million. The 1.5-hectare property at 557-563 St Kilda Road, on the corner of Moubray Street, is identified by an imposing four-level, bluestone building, part-leased to the Belgian Beer Cafe.
Vision Australia first signalled it wanted to exploit the site's commer-cial development potential six years ago when, in a joint venture with Mirvac, it proposed two residential buildings of eight and 19 storeys for the site's northern boundary.
Heritage and zoning issues delayed development and Mirvac pulled out in 2002.
The site has since been rezoned from Special Use Zone 3 to a development-friendly Business 5, and it is now likely to be redeveloped.
Sources say neighbour Wesley College, which objected to the proposed rezoning in 2004, is a potential buyer of the property, as are private developers including Mirvac, Becton, Sunland and Salta.
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