Luxury developer Orchard Piper has acquired two sites in Toorak Village for a mixed-use development set across Toorak and Mathoura Roads, to the tune of $100 million.
The sites at 424-426 Toorak Road and 109 Mathoura Road are comprised of six individual properties that will be amalgamated into one encompassing corner block, sized at approximately 1,000 square metres.
Plans for the site include a 7-storey luxury residential building fronting Mathoura Road, with high-end retail and commercial spaces on Toorak Road.
Orchard Piper has secured a long-term lease with existing tenant C. Wallis & Son chemist to reoccupy the building once complete, and plans to lease other tenancies to complementary medical services.
The developer will retain ownership of the retail and commercial tenancies in the building, assigning the top commercial floors to become Orchard Piper headquarters.
The acquisition signals confidence in the inner-city commercial market. Vicland is also currently developing an adjacent Toorak Village site into an eight-storey office and retail building.
Orchard Piper co-founder and director Luke McKie said the group understands the value of the area, and expects the residential portion to be largely pre-committed prior to public launch next year.
“This site, being the most prominent, north facing corner of the village, presents an opportunity for us to invest in the area in a really tangible, long-term way. The architectural response to this site should reflect the significance of its location,” he said.
Co-founder and director Rick Gronow said the acquisition comes after years of nurturing.
“Our approach to locating and securing new sites means we don’t rush the process when it comes to negotiations. That’s why we have been able to acquire sites off-market such as this exceptional Toorak Village parcel that has not transacted for decades; we have long standing relationships with these vendors and shape these deals around their requirements, therefore creating an unrepeatable development opportunity.”
Orchard Piper is set to submit plans to council in the coming months, with construction expected to commence in late 2022.
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