Soliana picks up luxury South Yarra apartment development site
Luxury Melbourne developer Soliana™ has paid $5.85 million for a premium South Yarra site with approved plans for a luxury apartment development.
There had been plans for six large-scale apartments at 39 Darling Street, near the Yarra River and just off Domain Road. Dubbed Riviera, the five-level development had been designed by Selwyn Blackstone and had been marketed before Soliana bought the site.
Its elevated position offers views over South Yarra, with proximity to the Royal Botanic Gardens, Fawkner Park, and Chapel Street.
The site currently houses a three-level apartment complex with 10 studio apartments. It was sold by a local syndicate through an expressions of interest campaign.
The deal reflects a land rate of $8,705 per square metre and a unit rate of $975,000, underscoring the strength of Melbourne’s premium residential market.
Hamish Burgess, Joe Kairouz, and Jeffery Ha of Cushman & Wakefield handled the transaction. Burgess said the sale highlighted the fierce competition among developers to secure opportunities in South Yarra and surrounding Stonnington suburbs.
“The Stonnington development site market has been hotly sought after throughout 2024," Burgess said.
"Developers are competing to enter a precinct that continues to re-rate the market in terms of achievable residential revenues, and 39 Darling Street was no exception.”
The sale adds to Soliana™’s growing portfolio of high-end residential and commercial projects. They have two in Brighton, Pearl Brighton which will compete in the coming months, and another one on Martin Street which will launch later this year.
Joel Robinson
Joel Robinson is the Editor in Chief at Apartments.com.au, where he leads the editorial team and oversees the country’s most comprehensive news coverage dedicated to the off the plan property market. With more than a decade of experience in residential real estate journalism, Joel brings deep insight into Australia’s evolving development landscape.
He holds a degree in Business Management with a major in Journalism from Leeds Beckett University in the UK, and has developed a particular expertise in off the plan apartment space. Joel’s editorial lens spans the full lifecycle of a project—from site acquisition and planning approvals through to new launches, construction completions, and final sell-out—delivering trusted, buyer-focused content that supports informed decision-making across the property journey
