Sydney-based developer Ilya Melnikoff is in negotiations to buy two more inner-Melbourne sites after seeing strong early demand for his first project in the Victorian capital: a $130 million upmarket development of just 24 apartments overlooking Fitzroy Gardens on the CBD fringe.

Mr Melnikoff’s Luxcon acquired the existing nine-level East Melbourne office building at 372-380 Albert Street for $30 million in May last year and settled on the transaction last month.