ResidentialLindsay SaundersMon 29 Jun 26
Time & Place Pays $75m to Add South Melbourne Officeworks to Pipeline
Developer-builder Time & Place has padded out its pipeline in Melbourne’s inner south, acquiring the suburb’s landmark Officeworks property in a deal understood to be worth about $75 million.
The 4707sq m island site at 231 Kings Way, South Melbourne occupies one of the suburb’s most prominent positions, at the intersection of Kings Way, Bank Street and Little Bank Street, about 2km from the CBD.
It has been held by the De Lutis family, a long-standing Melbourne property and investment family with interests across residential, retail, commercial and mixed-use real estate, for more than 30 years.
The property was first bought to market in 2023 with concept plans for three apartment towers, highlighting its redevelopment potential.
Within South Melbourne’s Domain precinct, the site carries flexible mixed-use zoning and has 155m of frontage to Kings Way and Bank Street—exceptional exposure along one of Melbourne’s busiest arterial roads where more than 90,000 vehicles pass each day.
It is also close to the new Anzac Station on Melbourne’s Metro Tunnel.
Time & Place, led by Tim Price, has been steadily assembling a significant development pipeline across South Melbourne and neighbouring Southbank as it expands its apartment portfolio.
The builder-developer is currently completing Park Modern at 11–27 Dorcas Street and last year acquired another nearby development site on Park Street with plans for around 300 apartments.
It is also delivering the Queens Bridge residential tower at Southbank, immediately north of the Kings Way acquisition.
The developer’s latest buy comprises a 2083sq m large-format showroom occupied by Officeworks and more than 50 on-site car parks.
Officeworks is expected to vacate the site following the sale, ending its long-standing occupation of the landmark retail property.
During the original 2023 sales campaign, the retailer was paying annual rent of about $1.57 million and had indicated it would consider remaining as part of a mixed-use redevelopment if a suitable agreement could be reached.
The acquisition underscores continued demand from apartment developers for large, income-producing infill sites with scale, transport connectivity and long-term redevelopment potential as competition intensifies for well-located land close to Melbourne’s CBD.
