Landmark South Melbourne Freehold with Triple Street Frontage Hits the Market

A versatile five-level office building in the heart of South Melbourne has just been offered to the market with a price guide of $10 million+*. The listing represents a rare opportunity to secure a high-profile freehold in one of Melbourne’s most tightly held city-fringe precincts.

Located at 29-33 Palmerston Crescent, South Melbourne, the building is on a prominent corner site with three street frontages. It boasts excellent natural light and outstanding accessibility features, presenting an attractive footprint for investors and occupiers.

The property is situated on a Commercial 1 Zoned (C1Z) landholding, allowing purchasers to advance repositioning opportunities. This unlocks flexibility for future potential uses, including office, residential, hotel, education, or mixed-use development, subject to council approval.

Positioned within a highly sought-after and prestigious pocket of South Melbourne, the asset is surrounded by national consulates, leading schools, and some of Melbourne’s most significant office and residential developments.

The site’s connectivity and long-term investment appeal will be further elevated by the imminent opening of the Anzac Train Station at Domain Interchange.

The International Expressions of Interest campaign is being managed by Cushman & Wakefield’s Anthony Kirwan, Geroge Davies & Raphael Favas and is due to close on Thursday 7 August 2025 at 12.00pm.

Cushman & Wakefield Director, Anthony Kirwan said the combination of location, value-add potential and scale is expected to attract attention from a range of local and offshore buyer groups.

“29–33 Palmerston Crescent offers an incredibly rare opportunity to secure a significant asset in one of Melbourne’s most dynamic and well-connected precincts,” Mr Kirwan said.

“The property’s flexible zoning, triple street frontage, and surrounding amenity make it a versatile site. That means we expect a diverse set of inquiries from family offices and value-added investors, hotel or student accommodation providers, through to commercial organisations in multiple sectors.”

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*Approx