Kokoda Property Group has made a major move in Melbourne’s luxury property market, agreeing to unconditionally acquire a rare dual-frontage “super site” at 441 St Kilda Road from long-term owner Dymocks Properties for more than $100 million.
The transaction, secured through a put and call option agreement, marks one of the largest residential development site sales on the iconic boulevard in recent years.
Spanning 6,085 square metres with frontages to both St Kilda Road and Fawkner Park, the site provides Kokoda Property Group with a prime canvas to deliver a new benchmark in park-side living.
The group plans an 18-storey luxury residential address that integrates wellness-driven design, world-class architecture, and a curated ground-floor hospitality and retail precinct.
Kokoda Property Group Founder and Managing Director, Mark Stevens, said the acquisition reflects both renewed confidence in Melbourne’s high-end residential sector and the enduring potential 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,” he said.
“At the same time, Victoria’s competitive construction market offers a window of opportunity to deliver best-in-class developments without compromising craftsmanship.”
Once dominated by office towers, St Kilda Road is now transforming into one of Melbourne’s most sought-after residential corridors.
The shift in buyer lifestyle preferences, driven by the desire for access to amenities, green spaces, and connectivity, is generating strong demand for developments that combine design excellence with long-term value creation.
“441 St Kilda Road is one of the boulevard’s last true super sites,” Mark said.
“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.”
Located just three kilometres from the Melbourne CBD, the site adjoins the lush expanse of Fawkner Park and enjoys immediate access to the Domain Precinct, South Yarra, Southbank, and major transport links.
Kokoda’s design vision for the development is to create an “internationally benchmarked residential address” inspired by the world’s great park-side apartments.
Drawing on the elegance and scale of New York residences overlooking Central Park, the homes will feature dramatic ceiling heights, protected winter gardens designed as four-season living rooms, sculptural kitchens, and internal wellness sanctuaries.
Each residence will be crafted with the intimacy and sophistication typically associated with Melbourne’s most exclusive houses.
The project will be delivered in partnership with an internationally renowned architect, alongside Melbourne-based design practice Studio McCue.
Kokoda Property Group will now move forward with the concept design phase ahead of a future planning submission.
