$12 million off-market acquisition signals Little Projects return to high-end residential development.
Little Projects has secured a rare inner-city development opportunity, acquiring the prominent 476–478 High Street, Prahran site in an off-market transaction for $12 million.
The purchase marks the group’s re-entry into the high-end residential and mixed-use sector and adds to its growing pipeline of premium infill development sites across Melbourne’s inner suburbs.
The 1,206sq m corner property is one of the last remaining large-scale development opportunities within the tightly held City of Stonnington, offering more than 98 metres of triple street frontage within Prahran’s established retail and lifestyle precinct.
The sale reflected a passing yield of approximately 2.16 per cent, highlighting the site’s underlying development appeal rather than income security.
The transaction was negotiated by CBRE agents Darren Beehag, Justin Kramersh and David Napoleone while Colliers agents Ben Baines and Alex Browne, acted for the purchaser.
Colliers Director | Investment Services, Ben Baines, said, “We’re seeing a clear flight to quality, with developers prioritising well-located sites that offer scale, strong fundamentals and flexibility.
“Large, well-fronted sites in proven inner-city markets are becoming increasingly difficult to secure. This acquisition is a strong example of that ongoing supply constraint.”
Little Projects director Leighton Pyke said, “This site represents a compelling opportunity for Little Projects to re-enter the high-end residential market with a project that aligns strongly with our design-led approach and long-term vision.
“Prahran is a highly sought-after and proven location, appealing to a broad buyer demographic and underpinned by exceptional amenity, connectivity and lifestyle. Opportunities of this scale and quality in such an established suburb are increasingly rare, and we see a clear opportunity to deliver a premium residential or mixed-use outcome,” Mr Pyke said. CBRE Senior Director Darren Beehag, said, “Rare opportunities like this consistently generate strong market engagement, and that was clearly reflected in the depth of enquiry throughout the campaign.
“When assets of this quality are offered, the market responds decisively, and that was exactly the case here,” Mr Beehag said.
CBRE Director, Justin Kramersh said, “This sale represents one of the most significant infill development transactions in Prahran in recent years. The combination of scale, frontage and location is exceptionally rare, and that scarcity is reflected in the outcome.”
The site is currently leased to Petstock on a 10-year lease expiring in 2032, backed by Woolworths Group, producing a net income of $217,350 per annum. The lease includes fixed annual rent increases of up to 12 per cent and an early termination clause in favour of the landlord.
The property benefits from immediate access to High Street amenities, public transport, parklands and leading education facilities, and is close to Toorak, Hawksburn and South Yarra, supporting its future potential as a high-end residential or mixed-use development.
Founded in 2006, Little Projects has delivered more than $3.5 billion in projects and is recognised for its design-led approach across residential and mixed-use developments.
The transaction underscores continued confidence in Melbourne’s inner-urban markets, where supply constraints and lifestyle-driven demand continue to underpin development activity.
Related Articles
