This article is from the Australian Property Journal archive
DEVELOPER Orchard Piper has been given the green light for its $120 million mixed-use project in Melbourne’s ritzy Toorak, and has sold the penthouse to a retired local businessman for $12.5 million.
The single-floor, 400 sqm penthouse will feature 360 degree views of the city skyline and sit atop the residential component at 109 Mathoura Road. There will be nine apartments, each with three bedrooms and at least three on-grade car parks, and private lobbies for each residence.
Toorak’s median three-bedroom unit house price is $1.751 million, according to Domain, while its four-bedroom house price median is $5.75 million.
420 Toorak Road will be three floors of premium offices, with a covered retail colonnade activating the street level allowing premium-grade strata office stock to be purchased within Toorak Village for the first time in over two decades. Orchard Piper will set up its new head office on the top floor.
Orchard Piper bought the 1,000 sqm site in 2021 for $20 million.
Orchard Piper director Rick Gronow said the developer had received “keen interest from our established network in preparation for this project – so much so, that we have been working with the purchaser of the penthouse for a few years now”.
It has appointed luxury property agent and director of Marshall White, Marcus Chiminello, as well as Kay & Burton director, Andrew Sahhar, to conjunctionally sell the remaining residences.
“We’re seeing the high-end prestige market continually performing in a strong manner which defies the general negative commentary created by increasing rate hikes. Inventory levels for quality properties are not keeping up with the pent-up demand for downsizers looking for bespoke, lock-up-and-leave apartments in and around Toorak Village,” Chiminello said.
Construction will begin mid-year after the project received unanimous support from the City of Stonnington.
“We are very encouraged by Council’s positive response to the project and their interest in supporting high-quality architecture in the municipality. This approval will transform a key corner of the Village and make a significant contribution to the streetscape, further driving the Village’s ongoing resurgence,” says Orchard Piper director, Luke McKie.
Kerry Hill Architects (KHA) have been appointed to the project – its first in Victoria – on the back of their hotel and resort portfolio which includes several Aman Resorts destinations, including New Delhi, Tokyo, Kyoto and Shanghai. Orchard Piper has also appointed KHA to its nearby $400 million mixed-use development on the former Mercedes-Benz dealership on Carters Avenue in bought last year for $67 million.
Meanwhile, Colliers’ Ben Baines and colleague Matt Knox have been appointed to offer the half-floor and full-floor offices in the building, which include private amenities on each floor and car parking. Tom Larwill of Colliers has also been appointed to lease the remaining two retail tenancies on the ground floor. Long-time local Toorak pharmacist C. Wallis and Son will be relocating during construction and returning to the same location in the base of the new building under a new long-term lease.
“These limited commercial suites will be the first opportunity for local owner occupiers and investors to purchase brand new office space in Toorak for in excess of 20 years. With the recent developments in Toorak Village, more business owners are looking to relocate to the precinct however no opportunities to purchase their own office have been available,” Baines said.
“We anticipate incredibly strong demand.”
Commercial suites within Bill McNie’s Vicland’s $250 million St Germain office building at 495-505 Toorak Road are almost entirely leased.
