"And, we're alive!" a parachute-clad Pengilly said as he touched down on the beach, near the lagoon at Stuart Park about 9.30am.

The bespectacled rocker was followed shortly after on the sand by Beachley.

"That was awesome, can we do it again?" she asked.

But Pengilly wasn't so sure, having suffered from a lifetime fear of heights.

The 51-year-old was only cajoled into jumping out of a plane - 4.26km from the ground, for a 60-second free-fall, followed by five minutes of descent - by the Eye Foundation, for whom he has been an ambassador for the past three years.

Pengilly's jump launched the foundation's What Would You Pay to See? campaign, which encourages the community to sponsor individuals to undertake daring and uncharacteristic tasks.

During the foundation's month-long julEYE initiative, SBS newsreader Janice Petersen will swim with sharks and comedian Denise Drysdale will busk in Melbourne's Bourke St Mall.

Pengilly said the night before his jump he'd been plagued by dreams of things going wrong, while in the plane he had had trouble breathing.

But for Pengilly, who's brush with glaucoma in his 20s was cured by pioneering eye surgery, the Eye Foundation's fundraising efforts for research into the causes of eye disease were worth the mild panic.

Visit www.whatwouldyoupaytosee.com.au for more information.