Alta Property gains approval for office-to-residential conversion near St Kilda Road

Another office building in Melbourne’s St Kilda Road precinct will be converted to residential apartments after developer Alta Property secured approval for a $200m project. Alta Property, led by former Fridcorp co-owner and joint CEO Nigel Givoni, will convert an office building at 10 Queens Road, one of the last developable sites along the Albert Park Lake-fronting boulevard, into a 169-apartment project with end value of $200m. Queens Road runs parallel to the St Kilda Road commercial boulevard.

The Fraser and Partners-designed 17-storey development will also feature private dining, a lounge bar, gym and wellness spaces, co-working, outdoor communal gardens, and retail. There will be two 320 sq m penthouses with private rooftop terraces, which are expected to be priced between $9m to $11m. Givoni is confident of the launch of the project and about the long term fundamentals of Melbourne’s apartment market.

“Other Australian markets are getting a lot of attention, but I believe the depth of value in Melbourne is being overlooked. The fundamentals are strong, population growth is steady and, based on our preliminary conversations with a leading builder, construction costs are beginning to normalise, creating further opportunity,” he added.

According to project marketer RPM’s VIC Apartments & Townhomes Market Report (April 2026), apartment prices are outpacing houses, especially in the middle ring suburbs where median prices hit $757,500 – a four-year high that represents 2.9% growth quarter-on-quarter. “Queens Road represents a rare opportunity to continue to shape our presence in the Melbourne market. With a considered project team and a premier site along one of the city’s most sought-after boulevards, we look forward to contributing to the fabric of this established address.” Givoni said. Fraser and Partners director Callum Fraser said the existing building rectangular floor plate, centric core, and evenly spaced columns create an ideal foundation. The existing office building’s façade, shell and internal structure will be retained. As a result, the project will save 62% in carbon emissions compared to knocking it down and rebuilding.