ST Kilda’s historic Post Office building, at the corner of St Kilda Road and Inkerman Street, has sold to an Asian developer for $4.75 million.

The 1,236 square metre site at 306 – 310 St Kilda Road, sold with a permit for a five-level, 40-unit serviced apartment building, with a ground floor restaurant to be built into the existing Post Office building.

The sale reflects a price of about $3,843 per square metre of land.