Two low-rise apartment blocks in Melbourne’s inner south have sold to make way for bigger projects.
At 545 St Kilda Road, 25 owners of strata titled units – a mix of offices and apartments – have reaped a speculated $30 million.
The 2865 square metre property was listed in 2018, but later withdrawn.
A deal is understood to have been quietly struck last year.
A three level Art Deco complex is readying to be demolished though no redevelopment application has yet been lodged.
Not far away, Samuel Property is paying 20 strata unit owners $21 million for a low-rise block at 8 Louise Street, with plans for 115 flats.
On 1224 square metres, it sits between Landene – the last house on St Kilda Road still used for residential purposes – and another small apartment complex, 33 Queens Rd (story continues below).
The sale comes two and a half years since Samuel Property, directed by Ilan Samuel, paid Carlton Football Club president Mark Lo Giudice $6.15m for Gisborne Square, a retail arcade in Melbourne’s outer north west.
On 1068 sqm, that property is also earmarked for redevelopment, but at a later date.
The developer has also recently completed a townhouse project – Edition – in Toorak’s ritzy Lansell Rd.
More to come.