Kokoda Property Group has agreed to unconditionally acquire a rare 6,085sqm dual-frontage super site at 441 St Kilda Road from long-term owner Dymocks Properties for more than $100 million, entering into a put and call option agreement that paves the way for a direct transaction.
In a demonstration of renewed confidence in Melbourne’s prime residential market, Kokoda Property Group plans to deliver an 18-storey luxury residential address that brings integrated wellness, design-led living, and a curated ground-floor hospitality and retail offering to one of Melbourne’s most distinguished boulevards.
Kokoda Property Group Founder and Managing Director, Mark Stevens, said the acquisition reflects Kokoda’s continued confidence in Melbourne’s residential market and the future of St Kilda Road.
“After a cautious period, buyer sentiment is stabilising, and capital is returning to quality, design-led residential projects in prime locations. At the same time, Victoria’s competitive construction market offers a window of opportunity to deliver best-in-class developments without compromising craftsmanship,” he said.
Once a traditional office address, St Kilda Road is undergoing a significant transformation into one of Melbourne’s most coveted luxury residential corridors. A generational shift in lifestyle preferences is driving strong demand for well-located, amenity-rich developments that create long-term value, with 441 St Kilda Road designed to meet this demand.
Located just 3km from the CBD and directly interfacing Fawkner Park, the site offers uninterrupted park frontage and seamless connection to the Domain Precinct, South Yarra, Southbank, and Melbourne’s arterial transport network.
“441 St Kilda Road is one of the boulevard’s last true super sites. With dual frontage to Fawkner Park and St Kilda Road, it provides a rare opportunity to deliver a landmark parkside address, pairing wellness-focused amenity with the urban connectivity today’s buyers value,” Mark said.
Kokoda Property’s design ambition for 441 St Kilda Road is to establish an internationally benchmarked residential address — a collection of ultra-luxury homes in the sky, inspired by the world’s great park-side apartments. Floorplans will draw on the elegance of New York’s finest residences overlooking Central Park, featuring dramatic ceiling heights and protected winter gardens that serve as four-season living rooms, as well as internal wellness sanctuaries and sculptural kitchens. Each residence will challenge conventional apartment living, delivering the scale, sophistication, and intimacy usually reserved for Melbourne’s most exclusive houses.
The development will be delivered in partnership with an internationally renowned architect and Melbourne-based Studio McCue.
Dymocks Properties CEO, Cathy Tiberio, said the sale represented a strategic and positive outcome for Dymocks Properties and the broader 146-year-old Dymocks Group.
“As a family-owned group, Dymocks has the unique advantage of taking a generational view on our investments. This result is a direct reflection of our team’s strategic foresight – combining a patient, long-term approach to asset improvement with the agility to capitalise on the right market timing. With a diverse property portfolio now valued at approximately $400 million, this transaction proves our ability to unlock superior value for Dymocks Properties and the broader Dymocks Group. Furthermore, working directly with Kokoda Property Group allowed both parties to align on long-term value and certainty, ensuring a seamless and exceptional outcome for each party.”
“Because Dymocks with over $53m on deposit was already virtually debt free, we continue to see opportunity in expanding and reshaping our property portfolio,” she said.
Kokoda Property Group will now progress concept design ahead of a future planning process.
To learn more about Kokoda Property Group, please visit kokodaproperty.com.au and to learn more about the Dymocks Group, please refer to www.dymocks.group.
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