GONE are the days when St Kilda Road complexes were limited to about 12 levels.

With the sky now the limit in regard to residential development in Melbourne – the value of a low rise office, with three street frontages at 472 - 474 St Kilda Road has ballooned over the past four years.

Sources say Industry Superannuation Property Trust has entered advanced negotiations with an as-yet-undisclosed residential developer, to sell the Clemenger BBDO House building for about $37.5 million.

ISPT paid $29.6 million for the asset in October 2006.

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