Investors eye Tudor-style landholding on Toorak Road
A high-profile landholding in one of Melbourne’s most exclusive retail and lifestyle precincts has hit the market for the first time in 17 years, presenting investors and developers with a rare opportunity to secure an address in the heart of South Yarra.
The property sits on a substantial 987-square-metre site with 25 metres of frontage at 307-315 Toorak Road, near the corner of Chapel Street. The building features a distinctive and heritage-protected Tudor-style facade that contributes to South Yarra’s iconic aesthetic. However, it is zoned Activity Centre 1, so there’s a possibility for strong redevelopment.
Gorman Commercial’s Jonathon McCormack, who is managing the campaign alongside Cushman & Wakefield, says the property’s strength lies in its combination of income security and long-term upside.
“It’s a fabulous development site,” McCormack says. “It has two street frontages, it’s walking distance to Como and the train station, and offers the flexibility to go up six levels.
“It really ticks all the boxes for developers looking to create something special in South Yarra.”
The site currently comprises four fully leased retail shops and a first-floor office – all generating income of $289,439 a year plus GST and outgoings – and includes rear access with parking for 19 vehicles.
While this demonstrates strong immediate income for the new owner, the site is ripe for high-end redevelopment, McCormack says, adding that interest has been steady with bids already in place.
“We’ve had bids around the $8 million mark, but we’re hoping for closer to 10,” he says.
“Development sites are tough at the moment, but there’s still strong demand for quality locations like this.”
Positioned in a sought-after area of Melbourne, the site enjoys proximity to the Como Centre, the buzz of Chapel Street, and the serenity of the Royal Botanic Gardens. It is surrounded by leading residential projects like Capitol Grand, Vogue Private Residences and Como Terraces, which have all achieved premium apartment sales.
“South Yarra is a fabulous spot – it keeps getting better,” McCormack says.
“We’re seeing more modern high-rise office, entertainment and hospitality developments, all set among great parklands and lifestyle amenities.”
The property is being offered for sale via expressions of interest, closing at 1pm (AEDT) on Wednesday, October 8.
