Jewish Care Victoria is readying to sell surplus land at the back of its St Kilda Road headquarters – a landmark site which stretches a block, and into another suburb to Punt Rd, in Melbourne.
The vacant four-level Montefiore Homes For the Aged building and car park on land of 4300 square metres – or more than an acre – at the south west corner of Punt and Raleigh roads, should trade for close to $40 million.
The Commercial 1 zoned holding has the potential to make way for multiple towers, possibly above a retail podium.
Being two blocks from Alfred Hospital, a project with zones for healthcare and other social infrastructure occupiers could also be entertained.
Several development outcomes may be appropriate for the airspace, amongst them offices, hotels and high-density apartment, aged care or student accommodation.
In the immediate vicinity, Shakespeare Property Group is completing construction of 20-level residential towers at 601 St Kilda Rd, on the south east corner of High Street.
The philanthropic society vendor has just completed a nine-storey, 156-place replacement aged care facility, Hannah and Daryl Cohen Family Building, next door to the block it is now selling (story continues below).
While JCV’s headquarters at 619 St Kilda Rd is zoned Melbourne, with a postcode of 3004, the Montefiore plot is classified as Windsor, a pocket of Prahran. Also close to St Kilda Junction, the offering is five kilometres from the city.
“South Boulevard is the perfect repositioning strategy to capitalise on the most highly sought-after city fringe market,” Mr Wolman said – adding that education related groups are also anticipated to be suitors.
Shakespeare recently invested in the area again – paying Flight Centre $62.15m for an 11-storey office with long term repositioning potential at 436 St Kilda Rd.
It was also recently revealed Victoria Police’s former headquarters at 412 St Kilda Rd will be refurbished as an A-grade office after selling to an international buyer last December for $108m.
“With numerous local and offshore groups desperate for large development sites in the…precinct as we come out of the COVID-19 pandemic, we are confident that those who missed out on 412 St Kilda Rd in December last year will come out firing and with strong interest for this blank canvass opportunity”.
Mr Bremner described South Boulevard is one of the last remaining development sites in the precinct.
Earlier this month, Woolworths and Time & Place paid c$30m for a low-rise office on a similarly sized (4306 sqm) block in ritzy Glen Iris – with the intention of replacing it with a mixed-use tower with apartments above a supermarket.