Off-Market campaign highlights ongoing appetite for luxury apartment living in prime inner-city locations.
A prominent South Melbourne asset on Park Street has been sold for circa $25 million in a highly competitive campaign, underlining the strength of demand for premium residential opportunities in Melbourne’s city fringe.
The consolidated site at 214–220 and 222–226 Park Street, South Melbourne, was acquired by Carpe Group following an off-market sale process managed exclusively by Colliers’ Jozef Dickinson, Tim Storey, Philip Heberling and Aaron Choong. More than 10 groups actively pursued the property, reflecting deep buyer appetite for well-located residential assets close to the CBD.
Jozef Dickinson, Colliers National Director | Residential, said, “From the moment we engaged with buyers, we knew this site was special and had attributes that would outperform, with strong interest from a broad mix of local and national developers.
“Buyers were particularly attracted to the site’s scale, being one of the larger consilidated holdings on the fringe of the sought after the Emerald Hill pecinct. Being on the periphery of Clarendon Street and the surrounding properties meant incredble views lines are available over a mostly low-rise location.”
Purchaser Carpe Group is expected to deliver a premium residential offering on the Park Street site, further reinforcing South Melbourne’s status as one of Melbourne’s most tightly held and sought-after inner-city markets. The group is already active in the suburb, currently undertaking a high-end residential project at No. 219 Park Street.
Stuart Kacir co-Director of Carpe Group, commented, ”South Melbourne continues to attract discerning buyers who prioritise lifestyle, connectivity and architectural excellence. This site represents our third collaboration with investment partner Stamford Capital and offers a rare opportunity to deliver a landmark residential address that both reflects and enhances the character of the precinct. Building on the success of our nearby development at 219 Park Street, it responds to the sustained demand for refined, premium inner-urban living.”
“South Melbourne is a standout location for this premim down-sizer and right-sizer cohort, offering walkability, amenity and proximity to the CBD without compromising on space or quality. That depth of demand is giving developers the confidence to secure premium sites such as this one,” added Philip Heberling, Colliers Senior Executive | Residential.
The transaction adds to a growing number of high-value residential land sales across Melbourne’s inner precincts, as seen with the completed sale of the former Presentation College site in Windsor earlier in 2026.
”Developers are clearly positioning themselves to capitalise on long-term population growth, more favourbale planning conditions and ongoing undersupply of high-quality housing in established suburbs. Melbourne has huge upside and the third-party capital is flowing into the next wave of projects,” said Mr Dickinson.
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