The St Kilda Road property which from 1938 until last year accommodated The Clivedon art deco complex (right) is for sale again.
Everland Global, led by Tim Chang and Michael Xie, is expecting more than $30 million for #596.
The developer spent $34m on the 1804 square metre site in 2017 – just after it had been approved to make way for a 19-level residential building.
That vendor, Singapore based Lian Beng Group, picked it up two years earlier – paying the 19 owners of The Clivedon’s strata titled apartments and offices $25m.
The rectangle shaped holding has 24.1 metres frontage to both St Kilda Rd and Queens Lane.
Gazetted Melbourne with a postcode of 3004, the pocket is between St Kilda West and Prahran, about about five kilometres south of the CBD.
Colliers International’s Daniel Wolman said that given the zoning (Commercial 1), an alternative development outcome could be considered including a build-to-rent complex, hotel or office.
However, most construction in the area has been for apartment stock, the agent added, including St Boulevard at 601 St Kilda Rd adjacent, Opera (#450), The Fawkner (499) and New Charsfield (478).
Zoning means owner can consider something other than apartments
Lian Beng was permitted to build 170 units within its 596 St Kilda Rd redevelopment.
After Everland purchased the site, it reworked the 11,670 sqm design to create bigger apartments – 101 in total – and more resident-only amenity.
Its Bates Smart proposal contains 162 car parks.
“The prestige of this precinct is driven by premium offices, luxury residential projects, parkland, Albert Park Lake and leading educational, retail and public transport networks including the future ANZAC station (part of the $11 billion Metro Tunnel project), Mr Wolman said.
Last month, Jewish Care Victoria listed a 4300 sqm piece of its St Kilda Rd headquarters – about 400m from the former Clivedon complex – with c$40m price hopes.