The disused power station occupies almost an entire city block opposite the new Southern Cross train station, and the $7 billion Docklands development.
It is only slightly smaller than the 1.5 hectare The Age site across the road, which sold to developers ISPT and the West Australian Axiom Group for $66.1 million in late 2006.
By comparison, the Russian group which owns the power station site, Soldis Capital, paid just $7.6 million for the site in early 2006. An additional $30 million will be spent on demolition and site remediation.
The self-generated power station operated between 1892 and 1982, with the famous chimney stack added in 1953.
Soldis Capital has plans for a $500 million, 150,000 square metre mixed use project with several office buildings and ground floor retail.
Victoria Police is believed to have considered the former power station site for a major office leasing requirement it issued in 2006 – but opted to stay at its current site in Flinders Street, Docklands.