Flight Centre’s former headquarters on St Kilda Road is hitting the market, and its sale could be a game-changer for the neighbourhood.
The 10-storey building at 436 St Kilda Road comes with a $35 million price guide, a significant drop from the $62.15 million it sold for in 2020. With only 30% of the space currently leased to four tenants, CBRE is pitching it as a prime opportunity for investors looking to add value or completely reimagine the site.
The property sits on a generous 2,322-square-metre block, offering over 7,300 square metres of office space and parking for 167 cars, both at ground level and underground. Its location is hard to beat, with views of Melbourne’s CBD, the Royal Botanic Gardens and the Shrine of Remembrance, plus convenient rear access from Queens Lane.
What’s really catching attention is the building’s proximity to the new Anzac Station. When the Metro Tunnel opens, this spot will be just a 500-metre walk from one of Melbourne’s most important transport hubs. Developers are already floating ideas for the site—from luxury apartments to build-to-rent housing or co-living spaces, subject to council approval.
This sale could mean big things for Port Phillip and South Melbourne. More development along St Kilda Road typically brings better public transport, diverse housing options, and a boost for local businesses thanks to increased foot traffic.
It’s part of a broader shift happening on St Kilda Road. Older office buildings are being reimagined as work habits evolve and residential demand grows. For example, the Gurner Group is planning an $800 million apartment tower nearby, and Cbus Property has a 17-storey residential development at 37 St Kilda Road due in 2028. Meanwhile, the luxury Muse Melbourne at 409 St Kilda Road is nearing completion, set to add 40 high-end homes to the area by October.
Interested buyers have until July 17 to submit their offers.
This development could be another key milestone in South Melbourne’s ongoing evolution, ushering in a new wave of residential and lifestyle transformation along one of the city’s most iconic boulevards.
