This article is from the Australian Property Journal archive
REAL estate financier MaxCap Group is providing a first mortgage land and construction facility to Orchard Piper for the developer’s upcoming $120 million residential, office and retail project in the blue-ribbon Melbourne suburb of Toorak.
In August last year Orchard Piper picked up the 1,000 sqm corner property on the corner of Toorak Road and Mathoura Road for $20 million, and expanded the property by a further 400 sqm with the purchase of two neighbouring sites.
The project will include the demolition of existing buildings and redevelopment over a three-level basement car park of 10 luxury three and four-bedroom apartments, three ground-floor retail spaces and three levels of commercial office space.
It will boast panoramic views of the CBD and surrounding Toorak area, which is home to many of Melbourne’s most expensive homes.
“Orchard Piper is an award-winning developer with extensive experience and an excellent brand in Melbourne and specifically the Toorak market. We are delighted to partner with them on this development,” said Johnny Woodhouse, MaxCap state director – Victoria.
Construction is expected to commence in the middle of next year with completion in early 2025.
Patrick Kypreos and Matthew Phillips from EGA acting as corporate advisers to Orchard Piper assisted both parties to complete the transaction.
Toorak is seeing multiple major developments take place in and around its major shopping precinct, known as Toorak Village. Earlier this year, Orchard Piper added to its holdings in the suburb with the $67 million acquisition of a 3,600 sqm Carters Avenue Mercedes-Benz dealership for a $400 million mixed-use precinct, while Vicland Property Group is planning a $600 million development on Toorak Road that will deliver 12,000 sqm of office space and a Coles supermarket.
Toorak Village will also see a streetscape revamp in 2023.
