SP Setia Puts Foot on Carlton’s Largest Development Site

Malaysia-based developer SP Setia has paid $114 million for a 6561sq m site in what has been labelled the largest development site transaction at Carlton for a decade.

The site at 185-195 Queensberry Street and 46-78 Bouverie Street is within the Carlton education precinct and next to Melbourne’s CBD. 

It has a permit for a mixed-use project of retail, residential and purpose-built student accommodation.

Setia bought the site in an off-market deal brokered by Cushman and Wakefield’s Leon Ma, Oliver Hay and Daniel Wolman with Colliers’ Tim Storey advising Setia. 

“SP Setia’s acquisition reflects a broader trend of renewed offshore capital inflows into the Australian property market, particularly in education-linked precincts,” Hay said.

The site is part of the former Carlton United Brewery site, previously owned by Grocon. 

Grocon sold the 557-591 Swanston Street part of the site to purpose-built student accommodation provider Scape for more than $20 million in 2015.

According to reports, Setia bought the block with frontage to Bouverie and Queensberry streets from a Chinese developer.

▲ Setia’s Melbourne luxury apartment project, Sapphire by the Gardens.

Setia owns the twin-tower project Shangri-La and the Sapphire by the Gardens at the corner of Exhibition and La Trobe streets in Melbourne’s CBD. Melbourne businessman Adrian Portelli paid $39 million for an apartment in one of the towers.

Shangri-La is undergoing final fitout and will be opened in 2026.

Setia also bought the office building at 383 La Trobe Street from Mirvac in May of 2024 for $88 million and has this month been granted amended planning permission for the 72-storey Atlas residential skyscraper project.