This article is from the Australian Property Journal archive
ORCHARD Piper is set to partner with Corsair Investment Management to deliver a luxury mixed-use precinct in Toorak.
The private developer acquired the 3,600sqm site of the Mercedes-Benz dealership, at 7-11A and 17-19 Carters Avenue, back in May from Karl Hagen and the family of his late business partner John Worrell for $67 million.
At the time of purchase, Orchard Piper revealed its plans for the $400 million development and with Corsair Investment Management now on board, the precinct will now see $550 million in residential, commercial and retail development in Melbourne’s most affluent suburb.
“Corsair align and support our design-led approach to architectural development,” said Luke McKie, director at Orchard Piper.
Corsair Investment Management are a non-bank lender established by the Buxton family in 2020 with MaxCap co-founder Michael Fowler.
“They bring a rare level of expertise and knowledge together with 100-plus years of multi-generational experience represented by the Melbourne based, Buxton family name,” added McKie
Kerry Hill Architects have been appointed to design the precinct, which neighbours Toorak Village.
The precinct will comprise a residential development complemented by hospitality, retail and strata commercial, suited to local owner-occupiers.
With full concierge services and amenities, including a pool and gym, for future residents.
“Landholdings of this scale and proximity to the village are rare. We will take our time designing this project to ensure we achieve an architectural response befitting of the significance of this opportunity,” added McKie.
The precinct is one of four Orchard Piper projects set for the area, as part of the developer’s $800 million pipeline scheduled for annual completion over the next five years, adding to their $1.1-plus billion portfolio.
This included the upcoming $120 million Toorak residential, office and retail project, with funding by MaxCap, which was acquired in August last year when the developer picked up the 1,000 sqm corner property on the corner of Toorak Road and Mathoura Road for $20 million,
“With Orchard Piper’s unrivalled reputation and brand not only within Stonnington but across Melbourne, our joint venture will offer a unique opportunity for luxury living that is bound to re-energise the Village’s status and identity as one of the most lucrative streetscapes in Australia,” said Michael Fowler, executive chairman at Corsair.
Orchard Piper is set to lodge its plans with the Stonnington council around mid-2023, upon the expiry of the Mercedes-Benz dealership’s lease.
