Many office sites have sold to residential developers keen to exploit the road’s pleasant character – with its famous trees – with apartment complexes. St Kilda Road, though technically classified as being in the suburb of ‘Melbourne’ and with postcode ‘3004’ abuts some of Melbourne’s ritziest suburbs including South Yarra, Albert Park, Prahran and St Kilda.
Target is reportedly paying $280 per square metre, per annum to occupy the building. Office rents in St Kilda Road are considered amongst the cheapest in metropolitan Melbourne.
The building is owned by Overland properties which, according to the AFR, will commit to upgrades and refurbishment costs prior to Target moving in.
Target will lease five levels of the eight storey building.