Russell Withers banks $3.6m from ex 7-Eleven South Yarra site

A Public Acquisition Overlay means anything developed within 20 metres of Punt Road could be razed.

A Punt Road corner site which once accommodated a 7-Eleven has been sold by that group’s ex-chairman, Russell Withers, to a residential developer, for $3.61 million.

Like many properties in this part of South Yarra, the land is affected by a Public Acquisition Overlay; permanent structures constructed 20 metres from the street could be razed.

Combined with a setback also required from Argo St – about 685 square metres of the ex-convenience store could be considered a traditional building block.

Home owners affected by the planning restriction have constructed amongst other things, swimming pools, pergolas or super-sized driveways, in their forecourts.

Commercial occupiers – like 7-Eleven – utilised the overlay space for parking.

Gross Waddell’s Danny Clark and Michael Gross, with Charter Keck Cramer as transaction manager, closed an expressions of interest campaign for 290-294 Punt Rd on November 26 (story continues below).

The now demolished 7-Eleven at 290-294 Punt Road, South Yarra.

Ex 7-Eleven South Yarra earmarked for housing

The 1525 sqm Residential Growth zoned ex 7-Eleven outlet is walking distance to Alfred Hospital and commercial hubs and transport at Chapel St and St Kilda Rd.

As well as housing, it was marketed for its potential to make way for a medical centre, office, retail – or a convenience store again.

In the immediate area about six years ago, Pace Development Group replaced land around the c1865 Argo Hotel on Argo St, with apartments and townhouses.

South of the hospital, Goldfields Group last month unveiled plans for a 13-storey mixed use but predominantly residential redevelopment of the former Montefiori Home for the Aged holding, for which it paid $35m in September.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco