Substantial slice of St Kilda snapped up for $21.8m

A highly sought after inner city site has been snapped up for almost $22million after a hot contest among buyers clamouring to secure a slice of this prime St Kilda East location.

Colliers’ Peter Bremner, Jozef Dickinson, Trent Hobart and Ted Dwyer have sold ‘Saint Alma’, a 5,008sqm site at 97 Alma Road in St Kilda East, to local development group Neometro for $21.8million.

“2021 was a year of very significant growth for Neometro,” Neometro director, James Tutton, said. “We made some major acquisitions and securing Alma Rd days before Christmas was the perfect icing on the cake.”

Mr Bremner said Saint Alma represented the ultimate inner-city opportunity, being directly opposite beautiful parkland in a prime bayside location all within walking distance to chic and popular Windsor.

“It offered the ultimate in flexibility and future potential, underpinned by a strong income profile with significant value-add opportunities,” he said.

Situated directly across the road from Alma Park, and within a short walk to train, tram and retail, the site is currently home to a state-of-the-art gymnasium, recreation, and leisure centre. The building layout includes a gymnasium over multiple levels and several work-out studios with the ground level also including an aquatic centre comprising 25m pool and associated change facilities.

The rear of the site includes two futsal courts (artificial grass playing fields) accessed via a separate pathway along the western side of the property.

The site is currently 100% leased to Fitness First Australia Pty Ltd until October 2024, with no further options and returning a current rental of approximately $841,399 plus GST per annum.

Mr Dickinson said the scale and location of the property made it a prime medium-term redevelopment prospect.

“The property appealed to a variety of buyer types, validating the multitude of potential redevelopment options (STCA),” he said. “The tightly held nature of the location and scale of the land area suited residential, aged-care and retirement and/or ongoing use with value-add upside.

“The campaign was hotly contested and it was great to see such prominent involvement from some of Melbourne’s most recognised developers, who clearly saw the unique attribuites of the site as a rare opportunity.”

The property is directly opposite Alma Park and has easy access to all modes of public transport and major arterial roads including Windsor and Balaclava Train Stations and Dandenong and St Kilda Road trams.

“We’re very active on the Northside – Brunswick, Northcote, Thornbury, Fitzroy etc. We’ve got a long history in the Southside too and we’re looking forward to getting back there,” Neometro director, James Tutton, said.

It is surrounded by major retail amenity including world-renowned Chapel Street Windsor, Balaclava Shopping Village and Fitzroy Street, St Kilda and is within close proximity to some of Melbourne’s most prestigious schools including St Michael’s Grammar, Caulfield Grammar and King David School.

Acclaimed open space and lifestyle amenity nearby includes Alma Park, Albert Park Lake and St Kilda Beach.

“All of these factors combined to generate significant interest among a wide range of buyers keen to secure their own slice of this sought after and tightly held market,” Mr Bremner said.

Tim Bolton from Bolton Property acted as Transaction Advisor representing the long time Vendors for the property.