The carpark (1,140 square metres) located in St Kilda, is made up of several parcels that were originally purchased over a number of years from 1976, 1978 and 1999 for off-street carparking.

The carpark has 39 spaces that are generally well utilised, but the site has capacity to be further developed. Development of the site has the potential to support the revitalisation of the Fitzroy Street shopping area and contribute to its regeneration.

Under a ground lease, Council retains ownership of the property, and possession of the property returns to Council at the end of the lease period. Council would receive rent from the property, and the lessee would have the right to develop the property (subject to planning laws and regulations) and enjoy the income from that development for the duration of the lease.

Under the proposed terms of a potential ground lease, a minimum of 39 car spaces must be made available for public use as part of the development.

The carpark is included within Public Use Zone 6 (PUZ6), Commercial 1 Zone (C1Z) and General Residential Zone (GRZ). Refer to Schedule 32.08, 34.01 and 36.01 of the Port Phillip Planning Scheme.

Under the PUZ6, the carpark can be developed for associated uses that are consistent with the intent of the public land reservation or purpose.

C1Z states the carpark can be developed to create a vibrant, mixed-use centre for retail, office, business, entertainment and community uses.

In line with the GRZ, the carpark can be developed into a diverse range of housing types, ensuring the neighbourhood character of the area is respected.