Development Site Opposite South Melbourne Market Expected to Fetch About $20 Million

In the immediate area, recently, developers have proposed a 10-level tower, despite existing planning precedents allowing for six level buildings.

Novak has received offers to sell its site over the years. In 2008, it was reported for sale with a price guide of about $20 million, which is about the price it’s expected to sell for this time around, local agency sources say.

CB Richard Ellis City Sales directors Mark Wizel and Sebastian Drapac, with Dan Magree, from property advisory firm M3, are representing Novak.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of