One of the last remaining development sites with park frontage to The Royal Botanic Gardens and the Shrine of Remembrance on Melbourne’s St Kilda Road is being offered to the market for sale for the first time in 35 years.

The 598sq m property at 346 St Kilda Road, which is also positioned directly opposite the brand new Anzac Train Station, currently has a vacant two-level office building with 887sq m of net lettable area.

However, it is considered to be a prime development site, with its zoning allows for alternate uses including residential and a hotel, with development potential of up to 35 meters.

The site is being taken to the market via an Expressions of Interest campaign run by Knight Frank agents Nick Bisset, Tom Ryan and Paul Lillis on behalf of members of the Whitbread family, whose business had previously occupied the site.

Price expectations are $12 million-plus.

Mr Ryan said the property offered a truly rare opportunity to secure one of the last remaining park-fronted development sites on Melbourne’s most iconic boulevard, and in the heart of the Domain Precinct.

“This St Kilda Road site has uninterrupted, never-to-be-built-out views directly over the Shrine of Remembrance and across The Royal Botanic Gardens,” he said.

“It offers a buyer a once-in-a-generation chance to create a legacy development in a location without equal.

“With its prestigious boulevard setting, panoramic park and city views, and significant development potential, 346 St Kilda Road is perfectly suited for a luxury residential, hotel, or mixed-use project, subject to council approvals, or for immediate occupation by discerning owner-occupiers.”

346 St Kilda Road is just a short walk from the Melbourne CBD, Southbank, and South Yarra, with unparalleled connectivity, and is surrounded by some of the city’s finest lifestyle, retail, and cultural amenities.

It is immediately surrounded by many of Melbourne’s best high-end existing residential developments including The Melburnian, Royal Domain Tower, St James, The Muse with more currently under construction.

Mr Bisset said the property had frontage to both St Kilda Road and Middleton Lane, offering valuable rear access.

“This is the first time 346 St Kilda Road, stands as a commanding presence along Melbourne’s grandest boulevard, is being offered to the market in 35 years,” he said.

“The existing building provides an opportunity to owner occupy or lease the property while obtaining permits to develop.

“We expect strong buyer interest from a range of parties, including owner occupiers and both local and interstate investors and developers looking to snap up this irreplaceable opportunity.

“While we expect strong interest from buyers looking to undertake a development on this site, we do think there will be interest from those looking to maintain its current use as an office building, and its location is suitable for both, especially given its proximity to the Anzac Train Station.”

The Expressions of Interest campaign for the property will close at 3pm (AEST) on Wednesday, July 30.