This article is from the Australian Property Journal archive
A GROUP of 11 unit owners in one of Melbourne’s most prestigious suburbs have come together to sell a block of 12 units on a site spanning 1,200 sqm.
Colliers’ Jozef Dickinson and Trent Hobart have been appointed to manage the sale of 5 Stonehaven Court in Toorak, where the owners hope to secure around $12 million.
The site is being marketed as an opportunity for a multi-dwelling project redevelopment into a single premium residence or land-bank play. The agents say this result would generate a significantly better return to investors and owners compared with selling the apartments individually.
The block is within walking distance to Toorak Village and elite private schools.
“The buyer for this property could be a developer looking to build a luxury multi-dwelling project or an owner occupier wanting to build a dream home on an estate-like setting, much like the surrounding sprawling homes that Toorak is characterised by,” Dickinson said.
Speaking on behalf of the owners, Andrew Wilson said, “5 Stonehaven Court is very much loved by all owners, some of whom have been here for decades, but like everything, it is time for a change and for a new history to be written”.
“Over two years ago, we were approached as a group to discuss a potential sale, but the timing wasn’t right. Circumstances changed and ongoing discussions with Colliers led to more in-depth conversations with each individual owner, eventuating in a unanimous decision to go ahead with a sale.”
Hobart expects a high level of interest in the site, as pure redevelopment opportunities in the area remain scarce.
“Toorak has seen really solid growth over the past year despite the challenging conditions and this is expected to continue as cashed-up buyers compete for new opportunities.”
Toorak’s median house price grew by 2.5% over the year to June to just over $4.6 million, according to Domain, putting it above other premium suburbs such as East Melbourne, Middle Park, Canterbury and Brighton.
Expressions of interest close 11th November.
A north-facing, 1940s three-bedroom residence a few metres away at 2 Stonehaven Court sold in May for $2,005,000.
A much larger development opportunity in the suburb, spanning 4,200 sqm of excess land at 16 St Georges Road, failed to find a buyer at the $39 million price guide and was withdrawn from the market mid-year, having been listed late in 2020.
