A RESIDENTIAL apartment development site at Southbank in Melbourne, with approval for a 43-storey tower, is on the market.

The CBRE city sales team is marketing the property at 158 City Rd.

This is the latest development opportunity to come on the market, following the recent sales of 42-48 Balston St Southbank to a Chinese developer for $6.9 million by Colliers International’s Matt Stagg, in conjunction with Savills’ Nick Peden and Clinton Baxter.

And Knight Frank’s Paul Henley, Marcus Quinn, Langton McHarg sold 38 Freshwater Place to a Singaporean buyer for $30 million. The site was sold without a permit but can adopt a scheme for a 70-level plus residential tower comprising 640 apartments.

CBRE’s director Mark Wizel said the City Rd site is one of the most exciting remaining corner sites and is ripe for development.

“158 City Rd, on the corner of Power St right in the heart of Southbank presents interested parties with a very unique opportunity to acquire a de-risked, permit approved development site that could allow for additional density should buyers wish to amend and add to what has currently been achieved,” he added.

The site comes with a permit for a 43-level building comprising 449 apartments, designed by architects Elenberg Fraser.

Wizel said in addition to the permit, the buyer will benefit from a strong cash flow being the rental generated from the current seven-storey office totalling 4,014 sqm of space and 59 at-grade car spaces.

“Active developers will benefit from a very buoyant apartment pre-sale market with a number of surrounding projects currently sitting between an 80% to 100% pre-sale rate with apartment rates of $8,000 to $11,000 per SQM often being achieved,” he continued.

Recently Victorian planning minister Matthew Guy gave Apex Victoria the greenlight for its $120 million 61-storey apartment tower at Southbank.

Designed by architect Hayball and located at 256-260 City Rd, the 61-storey building will comprise 431 apartments, two retail tenancies on the ground floor level, 215 bicycle spaces, 104 spaces and a gym and barbecue area for residents.