A major development site in Melbourne has been placed on the market, more than a year after creditors voted to sell Beulah’s Sth Bnk project site.
The offering follows the administration of the project’s development entity in early 2025, after debts reportedly exceeded AUD$100 million. Creditors subsequently voted to sell the site in an effort to recover losses. Receivers from KordaMentha have appointed Cushman & Wakefield to sell the dual-title landholding at 118 and 158 City Road in Southbank, a high-profile 7,706-square-meter “island site” with extensive street frontage.
Previously, the site had been earmarked for a AUD$2.7 billion mixed-use development, including 789 residential units with a design that could have become Australia’s tallest building. The proposal had positioned the project as a landmark addition to Melbourne’s skyline, capitalizing on its prominent Southbank location.
The site currently has a former BMW showroom and office buildings occupying it, but its scale and configuration are expected to attract institutional investors and international developers seeking large, flexible urban parcels capable of supporting high-density mixed-use schemes.
Read more The Urban Developer.