Long-time owners sell to property developer.

 

Officeworks is expected to vacate one of its most high-profile locations in Melbourne following a property developer’s acquisition of the site for an estimated $75 million.

 

Developer-builder Time & Place bought the site from the De Lutis family, a long-standing Melbourne property and investment family that held ownership for more than 30 years.

 

In 2023, Officeworks was paying annual rent of about $1.57 million and, at the time, had indicated it would consider remaining as part of a mixed-use redevelopment if a suitable agreement could be reached.

 

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.