67-69 Palmerston Crescent is a 592sq m corner site ideally positioned in South Melbourne’s thriving residential hub only moments from Clarendon Street, South Melbourne Market, the Royal Botanical Gardens and Albert Park Lake.

The property benefits from an approved permit and plans for a luxury 10-level residential project featuring 29 expansive apartments. The building’s plans will allow the purchaser to capitalise on extraordinary and protected city views upon completion.

The site currently comprises a two level office building, providing over 750sq m of office accommodation, 55m of combined frontage to Palmerston Crescent, and ample on-site parking.

Savills agents Clinton Baxter, Jesse Radisich, and Benson Zhou negotiated the deal, securing a land rate of $14,443 per square metre and a unit rate of $294,828 per unit.

Mr Baxter said both local and offshore developers were drawn to the landholding due to its ideal location, favourable Commercial 1 Zoning, and preapproved plans for a luxury development.

“The sale involved a heated auction with a huge crowd and 7 bidders,” said Mr Baxter.

“A number of nearby high quality developments, such as 61-65, 51-59, and 75 Palmerston Crescent have sparked a surge of interest from buyers keen to enter into the South Melbourne market.”

“Time and time again, we’re seeing steadily increasing demand for prime city fringe properties of this kind, and we’re extremely proud to have secured such a fantastic outcome for the client.”

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