The Cancer Council has sold its Victorian headquarters for at least $16 million, with an overseas developer believed to be the new owner of the landmark site across from Carlton Gardens.
Industry sources say the 3100-square-metre property on the corner of Rathdowne and Victoria streets sold for well above its $16 million quoted price to a residential development group from China.
Cancer Council chief Todd Harper confirmed the property has sold but declined to comment on the buyer's identity or price.
"The sale proceeds will be invested in much-needed cancer research, prevention and support initiatives," Mr Harper said.
The council retains a leaseback over the property that expires in December, with the group set to occupy an 8500 sq m space at 615 St Kilda Road later this year. The move will consolidate its 350 staff from two locations in Carlton.
"We have operated out of two buildings in Carlton for more than 30 years, but these sites are no longer fit for purpose," he said. "Moving into new premises will give us the space, flexibility and facilities required to meet the state's growing cancer burden."
Title records show the Cancer Council bought 1 Rathdowne Street for $1.63 million in 1984.
Savills agents Nick Peden and Clinton Baxter declined to comment on the sale.
The site, which currently holds a two-storey office building and warehouse, is zoned mixed use and has no heritage overlay, leaving it ripe for redevelopment into a medium to high-density residential project. The maximum height for a building in the precinct is 16 metres.