Busy Melbourne roads closed as police negotiate with alleged gunman

An alleged gunman locked down parts of Melbourne's Punt Road in South Yarra this afternoon.

Police negotiated with the man for over an hour after being called just after 4pm.

Residents of an apartment block near the intersection of Punt and Toorak roads said they had seen a man with a gun.

He turned himself over to police without making demands or threats.

It is unknown why the man was armed, and some reports have suggested he was only carrying an air-rifle.

The alleged gunman is in police custody and being questioned.